MSCI’s November 2026 review lists Strategy’s MSTR shares for removal from the MSCI USA Index after trading closes on November 30, 2026. The removal would also affect broader MSCI indexes that include U.S. stocks. It does not remove Strategy from the Nasdaq exchange or require it to sell Bitcoin.
MSCI adopted rules in October to screen out companies that resemble investment funds, but its deletion list does not say which tests Strategy failed. Strategy argues that its Bitcoin treasury and financial products are part of an operating business. Strategy estimates that funds linked to MSCI indexes hold about 13 million of its shares, or 3.1% of its outstanding common stock; not all of those shares would necessarily be sold. Any pressure on MSTR’s price could reduce the cash Strategy raises for Bitcoin purchases, but the removal does not guarantee fewer purchases.
