MSCI Cuts Strategy From Indexes: $2.8B Sell-Off, Key Dates
MSCI has removed Strategy from its global indexes, effective November 30, in a ruling that could force up to $2.8 billion in passive selling.
Image: Wikimedia Commons / MicroStrategy
LONDON — MSCI has removed Strategy from its global stock indexes, effective at the close of November 30, 2026, after ruling that the largest corporate holder of bitcoin more closely resembles an investment fund than an operating business.
The index provider published its final list late on November 11, confirming the outcome investors awaited since MSCI adopted the screen on October 15. Strategy shares closed down 3.6 percent at $121.07 on Wednesday, then slipped a further 0.8 percent in extended trading, according to Nasdaq market data.
- MSCI's final list deletes six securities, Strategy the only large-cap name; 19 others, including SharpLink and the Solana Company, stay on watchlist.
- Strategy held 850,364 bitcoin as of November 8, at an average price of $75,456, and said in its third-quarter filing it expected removal.
- JPMorgan analysts estimate up to $2.8 billion in passive selling; Strategy puts index funds' holdings at about 13 million shares.
- The removal does not delist Strategy shares from Nasdaq, nor force the company to sell any bitcoin.
Which Companies Did MSCI Remove From Its Indexes?
Strategy dominates the list: MSCI put its float-adjusted value at $37.3 billion, more than 13 times the other five deletions combined, worth about $2.7 billion. Strategy joined the MSCI World Index in May 2024, the only large-cap name among the six.
| Company | Issuer value | Float-adjusted value |
|---|---|---|
| Strategy A | $40,061m | $37,258m |
| Yellow Cake | $1,753m | $1,753m |
| Metaplanet | $996m | $797m |
| Skel Fjárfestingafélag | $257m | $103m |
| Agronomics | $64m | $53m |
| Upexi | $52m | $36m |
Values are as of October 20, 2026, per MSCI's final impact list. The deletions are part of a wider reshuffle: the review removes 100 stocks from the MSCI ACWI Index, 55 from the World Index and 68 from the Emerging Markets Index.
How Much Selling Will the Strategy Removal Trigger?
Funds tracking MSCI indexes must hold what the indexes hold, so they must sell Strategy shares by the November 30 close. Analysts at JPMorgan estimated forced selling of up to $2.8 billion, based on a higher share price. Strategy itself has said MSCI-tracking funds hold about 13 million shares, or 3.1 percent of shares outstanding, worth about $1.57 billion.
Strategy shares fell 9.6 percent to $136.83 on October 16, the first trading day after MSCI adopted the rule, and have slid about 20 percent in 2026, while bitcoin is down about 15 percent. The slide has come as technology shares rebounded, as reported in the market rebound, while digital assets stayed under pressure, as covered in the recent bitcoin slide.
What Happens to Strategy's Bitcoin After the MSCI Removal?
Nothing in the MSCI decision touches Strategy's bitcoin. The removal applies only to index membership: shares keep trading on Nasdaq, and no index rule requires the company to sell any holdings. Strategy held 850,364 bitcoin as of November 8, per a company disclosure, and maintains it is a software business reporting bitcoin as a segment.
Strategy acknowledged the likely outcome in its third-quarter filing, stating it expected its Class A common stock to be excluded from the MSCI Global Investable Market Indexes. MSCI's test first checks whether operating assets exceed half of total assets; companies that fail then face five financial ratio tests, and failing four or more makes a security ineligible. A current constituent is removed only if it fails in each of its two latest annual filing periods.
Frequently Asked Questions
Will MSCI's decision delist Strategy shares from Nasdaq?
No. Index membership and a stock exchange listing are separate matters. Shares keep trading on Nasdaq under the MSTR ticker; the decision changes only which index funds must hold the stock.
Does Strategy have to sell its bitcoin after the MSCI removal?
No. The removal forces index funds to sell Strategy shares, not Strategy to sell bitcoin. The company held 850,364 bitcoin as of November 8 and has given no indication of selling.
How much Strategy stock will index funds have to sell?
Estimates differ. Analysts at JPMorgan put forced selling at up to $2.8 billion, while Strategy says MSCI-tracking funds hold about 13 million shares, worth roughly $1.57 billion at recent prices. The final figure depends on the November 30 share price.
Which other companies did MSCI remove from its indexes?
Five others: Yellow Cake of the United Kingdom, Metaplanet of Japan, Skel Fjárfestingafélag of Iceland, Agronomics of the United Kingdom and Upexi of the United States. A further 19 companies, including SharpLink and the Solana Company, were put on a watchlist.
Index funds must complete the switch by the November 30 close.
