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MSCI will remove Michael Saylor's Strategy Inc. from its global equity indexes on November 30, potentially triggering USD 2.8 billion in stock sales. The decision follows new eligibility rules that exclude certain companies MSCI classifies as non-operating businesses. Strategy holds 850,364 Bitcoin, making it the largest corporate holder of the cryptocurrency. The removal could also affect how the company raises money to expand its Bitcoin holdings.
MSCI announced the decision on Wednesday, November 11, through its November 2026 Index Review. The change takes effect after the market closes on November 30, when funds tracking the affected benchmarks must adjust their holdings.
Strategy's shares closed Wednesday at USD 122.35. Meanwhile, perpetual futures tracking MSTR on Hyperliquid fell 4.3% to USD 117.09 on Thursday morning, their lowest level since August 23.
MSCI's decision follows a new framework that separates operating companies from businesses whose value comes mainly from financial assets. The index provider announced the rules last month and scheduled their implementation for November 30.
Strategy continues to operate a software business. Yet its 850,364 BTC accounts for nearly all its value and represents approximately 4% of Bitcoin's maximum supply.
Under the framework, MSCI first examines whether a company owns substantial operating assets. Companies that fail this initial assessment face five additional financial tests. Failure in four of those tests can disqualify a company from index membership.
The dispute dates back to October 10, 2025, when MSCI proposed excluding companies holding cryptocurrency assets worth at least 50% of their total assets.
Strategy challenged the proposal and argued that standard accounting rules do not define businesses as operating or non-operating. Following the decision, the company described the framework as "discriminatory, arbitrary and misguided" and requested its withdrawal.
The changes extend beyond Strategy. MSCI will also remove Japan's Metaplanet, Upexi and uranium investment company Yellow Cake. Meanwhile, Ether treasury company SharpLink remains on the watch list.
The MSCI index removal creates a November 30 deadline for funds tracking affected benchmarks. These funds must sell excluded holdings as they rebalance their portfolios.
JPMorgan estimates that MSCI-linked funds could sell approximately USD 2.8 billion in Strategy shares. That figure could reach USD 8.8 billion if other major index providers introduce similar exclusions. Strategy disputes the scale of the potential disruption. The company estimates that MSCI-linked funds hold approximately 13 million shares, representing 3.1% of its outstanding stock.
According to Strategy, that amount falls below one day's trading volume. The estimate differs from JPMorgan's broader assessment of potential index-related selling.
Meanwhile, Metaplanet shares have declined 3.4% since Tuesday. Bitcoin has shown a smaller reaction, trading near USD 73,540 on Binance, down 0.4% over 24 hours.
Read More: Michael Saylor’s Strategy Risks MSCI Removal Ahead of November 11 Decision
Strategy relies heavily on issuing common and preferred shares to finance its Bitcoin purchases. Its ability to raise capital therefore depends partly on market demand for those securities.
Each MSTR share represents approximately USD 137.21 in Bitcoin holdings. Yet Wednesday's closing price of USD 122.35 placed the stock about 11% below that figure.
The discount widened to approximately 15% on Hyperliquid Thursday morning, based on its USD 117.09 trading price.
When Strategy issues shares below their underlying Bitcoin value, existing shareholders receive less Bitcoin exposure per share. As a result, further equity issuance under those conditions can dilute existing investors.
The removal also reduces the potential investor base among funds that follow MSCI benchmarks. Continued pressure on MSTR shares could limit the effectiveness of future stock sales.
For now, Strategy holds 850,364 BTC, while its November 30 index exit remains the immediate event facing shareholders.
MSCI's decision to remove Strategy could trigger USD 2.8 billion in stock sales, with broader estimates reaching USD 8.8 billion. Strategy disputes the scale of the impact, citing limited index-linked ownership. Meanwhile, MSTR's discount to its Bitcoin holdings creates challenges for future equity-funded purchases as the November 30 deadline approaches.