MSCI to remove Strategy from its indexes at the close on November 30
Key Facts
MSCI has decided to remove Strategy’s Class A stock in its November review, with the changes taking effect at the close of trading on November 30, 2026, according to the list of securities published for the review. The decision places the company under the non-operating companies treatment, which MSCI said will also apply to the MSCI US Index series. The move matters because the company’s shares are included in indexes tracked by investors and funds, while the effects could extend beyond the stock if other index providers follow suit. Reuters estimated that outflows from Strategy’s stock could reach $8.8 billion in that scenario. The announced changes remain pending until their scheduled effective date at the end of November.
The new treatment relies on an eligibility review for non-operating companies, starting with an initial screen for operating assets and, if that is not met, moving to five financial metrics that are not tied to a specific sector. MSCI says a security becomes ineligible for inclusion if it flags on four or more metrics. Companies already in the indexes are not removed for failing just once; the methodology requires them to fail the ineligibility test in the two most recent annual filings. MSCI may also rely on the latest interim filing if one is available. This means the rule sets a specific standard for assessing existing and new companies in index reviews.
In January, MSCI declined to implement a proposal to exclude digital asset treasury companies from global investment indexes in its February 2026 review, opting instead to launch a broader review of how to treat non-operating companies. It said at the time that participant feedback showed institutional concern that some of these companies could resemble investment funds, prompting it to broaden the review to include companies with investment rather than operating activities. In a letter to MSCI, Strategy said the proposal would not clearly affect its business, but “would severely damage MSCI’s reputation as a trusted and impartial index provider.” The November review documents did not give a company-specific explanation for its removal. The current decision therefore follows a consultation period and a change in how the index treats this category.
Strategy’s filings show that the company held 850,364 bitcoin as of its November 9, 2026 update, at a total acquisition cost of $64.165 billion. The holding is an important part of the company’s financial backdrop as its valuation is exposed to cryptocurrency market volatility, but it does not alone determine the impact of removal from the index. Reuters reported that Strategy’s stock had fallen about 20% year to date through November 11, while bitcoin was down 15% over the same period. In a prior warning in 2025, the company said exclusion could lead to the liquidation of $2.8 billion in shares. These figures place MSCI’s decision in the context of a large holding and declines in the stock and bitcoin during the year.
After the decision was announced on November 11, Strategy’s stock fell 2.6% in after-hours trading to $119.06, according to The Block. Meanwhile, Metaplanet shares ended Wednesday’s session in Tokyo down 2.53% at 231 yen, before MSCI’s announcement; coverage said the company was removed from the Japan small-cap index, alongside Strategy’s removal from the U.S. index. Reuters reported a 2.5% decline in Strategy’s stock in extended trading on the same Wednesday. The percentages in the two reports differ slightly, but both describe a decline after the announcement. The review changes take effect at the close on November 30, while the possibility of broader outflows remains tied to whether other index providers follow the move.