MSCI to Exclude Strategy, Largest Corporate Holder of Bitcoin, from Global Stock Indices
Ринки 13.11.2026 18:08
International index provider MSCI will exclude the U.S. company Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, from its stock indices following its November review. The decision could lead to a reduction in passive investments in the company’s shares amounting to billions of dollars, according to materials published by MSCI on November 11, 2026.
The changes will take effect after the close of trading on November 30 and will be reflected in the indices starting December 1, 2026. In addition to Strategy, the indices will exclude Japan’s Metaplanet, which actively invests in Bitcoin, and the U.K.’s Yellow Cake, which specializes in investments in physical uranium.
MSCI’s decision stems from a review of its approach to companies whose assets consist largely of financial investments rather than operating businesses. Previously, the index provider had considered excluding companies with digital assets accounting for at least 50% of their total assets; however, it subsequently expanded the evaluation criteria for so-called non-operating companies.
According to MSCI, some companies specializing in accumulating cryptocurrency reserves resemble investment funds in their economic model. Such entities may not meet the criteria for inclusion in traditional stock indices.
Strategy, led by Executive Chairman Michael Saylor, has become one of the best-known examples of a corporate strategy focused on accumulating Bitcoin. The company raises capital through the issuance of shares and debt instruments, directing a significant portion of the proceeds toward the purchase of Bitcoin.
As a result, the value of Strategy’s shares is heavily dependent on Bitcoin’s price movements, and the company itself has become a way for investors to gain indirect access to the cryptocurrency market through traditional equity instruments.
According to Reuters, Strategy had previously warned that its exclusion from the MSCI indices could trigger sales of its shares totaling approximately $2.8 billion.
According to JPMorgan analysts, the total potential capital outflow from Strategy shares could reach $8.8 billion if other major index providers introduce similar restrictions. This amount represents a scenario-based estimate, not an actual or guaranteed withdrawal of investments.
The significance of MSCI’s decision stems from how passive investment funds operate. Asset management firms that track specific indices must maintain a portfolio structure consistent with the composition of the relevant index. The exclusion of a security may force such funds to sell the shares they hold.
However, Strategy’s exclusion from stock indices does not mean that the bitcoins on the company’s balance sheet must be sold. The direct impact of the decision primarily affects demand for its shares from index funds.
Following MSCI’s announcement, Strategy’s shares fell by approximately 2.5% in after-hours trading. According to Reuters, the company’s shares have lost about 20% of their value since the beginning of 2026, while Bitcoin has declined by approximately 15%.
The decision may have broader implications for the market for corporate cryptocurrency reserves. In addition to Strategy and Metaplanet, other publicly traded companies that use cryptocurrencies as their primary investment asset may come under increased scrutiny from index providers.
In particular, among the companies under MSCI’s review was the U.S.-based SharpLink, which specializes in building Ethereum reserves. However, inclusion on the watchlist does not in itself imply a decision to exclude the company.
How the situation develops will depend on the reaction of other index providers, the structure of passive investments in cryptocurrency companies’ stocks, and the ability of such companies to raise capital outside of traditional stock indices.
MSCI is an international provider of stock indices, analytical data, and investment tools used by asset management firms, pension funds, and institutional investors. Strategy is a U.S. public company founded in 1989 that initially specialized in business analytics software and subsequently made Bitcoin accumulation a central focus of its financial strategy.
Sources: MSCI
