Strategy, the world’s largest corporate holder of Bitcoin, is facing concerns that its ability to continue accumulating the cryptocurrency could weaken after being removed from a major global equity index. MSCI, the global index provider, released the results of its November 2026 Index Review on Nov. 11 (local time), confirming that Strategy would be excluded from the MSCI USA Index. The decision follows a new methodology that restricts the inclusion of “non-operating companies” — businesses whose financial asset holdings outweigh their actual operating activities.
Despite the announcement, the digital asset market has remained mixed, with no sharp sell-off. As of 9:25 a.m. on Nov. 12, Bitcoin was trading around $74,000, up 0.71% from 24 hours earlier. Ethereum and Solana edged higher, while XRP and Tron declined. Hyperliquid gained 1.72%, reflecting mixed performance among major altcoins. Market analysts believe much of the negative impact had already been priced in after MSCI announced its new classification framework last month.
Selling pressure from the index removal is expected to weigh on Strategy shares. JPMorgan estimated that the exclusion could trigger up to $2.8 billion in selling by funds tracking the MSCI USA Index. If other major index providers take similar action, potential outflows could reach as much as $8.8 billion, according to market estimates. The changes will take effect after the close of U.S. markets on Nov. 30.
Strategy has played down the potential impact of the decision. Michael Saylor, the company’s executive chairman, argued that the amount of capital tracking MSCI indexes is negligible and maintained that the company’s Bitcoin-related activities qualify as operating business under U.S. accounting standards. Strategy has also challenged MSCI’s new criteria, arguing that they are not grounded in recognized accounting standards such as U.S. Generally Accepted Accounting Principles (US GAAP) or International Financial Reporting Standards (IFRS), and that introducing subjective judgments into index construction could undermine the neutrality expected of an index provider. The company formally asked MSCI to withdraw the proposal but ultimately failed to avoid exclusion.
The industry is closely watching how a deterioration in Strategy’s funding conditions could affect the Bitcoin market. The company has relied on issuing common and preferred shares to raise capital for Bitcoin purchases. Analysts warn that if its stock price falls following the index removal and access to funding becomes more difficult, its capacity to make additional Bitcoin purchases could be curtailed. Alexander Bloom, CEO of Two Prime, said operating the company’s funding model would become more difficult than before.
Strategy currently holds 850,364 Bitcoin, with an average purchase price of $75,456 per coin. As of Nov. 8, its total acquisition cost stood at approximately $64.16 billion. Despite mounting concerns over the index exclusion, Strategy continued to accumulate Bitcoin, purchasing 1,036 coins for approximately $81.9 million between Nov. 2 and Nov. 8. With Bitcoin trading below Strategy’s average purchase price and macroeconomic risks adding to market uncertainty, a recovery in investor sentiment could prove difficult. Rising oil prices, the 10-year U.S. Treasury yield climbing above 5%, and the possibility of a Federal Reserve rate hike next month are adding to downward pressure on Bitcoin. According to CME FedWatch, federal funds futures priced in an 87.3% probability as of Nov. 12 that the Federal Reserve would raise its benchmark interest rate by 0.25 percentage points at its Dec. 8–9 Federal Open Market Committee (FOMC) meeting.
Digital asset analytics firm CoinGlass said Bitcoin was trading below the average acquisition cost of short-term holders, estimated at $75,600, while capital outflows continued. Market participants expect the next major support level for Bitcoin to be around $68,000.
However, some analysts caution that Strategy’s removal from the MSCI index does not automatically mean the company will be forced to sell its Bitcoin holdings. Market analyst Kaleo said Strategy could maintain its Bitcoin position by raising funds through shareholder dilution or restructuring its finances. While the index exclusion could pose a long-term headwind for Strategy shares, its impact on Bitcoin’s underlying fundamentals may be limited.
