Index provider MSCI announced on November 11, 2026, that it will remove Strategy and Japan's Metaplanet from its global benchmark indexes as of November 30, 2026. The deletions follow MSCI's adoption of non-operating company screens targeting firms whose non-operating assets exceed 50% of total assets. Analysts at JPMorgan estimate the decision could force passive index funds to sell $2.8 billion of Strategy stock, while Strategy executive chairman Michael Saylor maintains the rules are misguided.
MSCI removals announced on November 11
- ▪MSCI announced on November 11, 2026, that it will remove Strategy from the MSCI USA Index effective at the close of trading on November 30, 2026
- ▪MSCI's November 11, 2026 index review also removed Yellow Cake, Skel Fjárfestingafélag, and Upexi from their respective regional small-cap and micro-cap indexes
- ▪MSCI announced on November 11, 2026, that it will remove Japan's Metaplanet from the MSCI Japan Small Cap Index effective November 30, 2026
Financial impact of index removal on Strategy
- ▪Funds tracking MSCI global investable indexes hold 3.1% of Strategy's basic outstanding shares
- ▪JPMorgan analysts estimated that MSCI index removal could force passive funds to sell $2.8 billion of Strategy stock by November 30, 2026
- ▪JPMorgan analysts estimated that broader exclusions by other index providers could trigger up to $8.8 billion in total capital outflows from Strategy stock
- ▪Following MSCI's index removal announcement on November 11, 2026, Strategy's MSTR stock fell between 0.85% and 2.6% in after-hours trading
Strategy response to MSCI index exclusion
- ▪Strategy stated in an August 2026 letter to MSCI that exclusion from global indexes would have no meaningful impact on Strategy's business operations
- ▪Strategy executive chairman Michael Saylor argued that MSCI should serve as a mirror of the market rather than an arbiter of it
- ▪Strategy argued that it reports its bitcoin treasury as an operating segment under U.S. GAAP and books related gains and losses in operating expenses
MSCI non-operating company eligibility rules
- ▪MSCI's non-operating screen replaced a late 2025 proposal to exclude companies holding 50% or more of their total assets in digital assets
- ▪Under MSCI's October 15, 2026 rules, existing constituents are removed if they fail a 50% operating asset threshold and trip four or more of five financial ratios across two consecutive annual filing periods
- ▪MSCI adopted new eligibility rules to exclude non-operating companies whose operating assets make up 50% or less of their total assets
Strategy bitcoin purchases
- ▪As of November 8, 2026, Strategy held 850,364 bitcoin acquired for $64.16 billion at an average price of $75,456 per coin
- ▪Strategy bought 1,036 bitcoin for $81.9 million in the week leading up to November 8, 2026
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