MSCI to Remove Bitcoin-Holding Strategy From Global Stock Indexes

MSCI will remove bitcoin-holding company Strategy from its global stock indexes following its November review, a change that could reduce demand for the shares from funds that track those benchmarks.

MSCI's official deletion list includes Strategy A. The index operator said changes from the November 2026 review will be implemented after the close of trading on November 30, meaning the revised indexes will apply from December 1.

Reuters reported that the exclusions followed MSCI's review of companies it considered to have investment-fund characteristics rather than the profile of operating businesses. Strategy has made accumulating bitcoin a central part of its business model.

Index membership matters because passive funds tracking a benchmark generally adjust their holdings when its components change. That can lead to selling when a company is removed, although the final amount depends on the funds and indexes involved.

Strategy previously warned that exclusion could result in about $2.8 billion of its stock being liquidated, Reuters reported. That was the company's estimate, not a confirmed amount of selling.

The index decision concerns Strategy's shares, not a removal of bitcoin from an index that directly holds the cryptocurrency. Investors remain exposed to both the company's business risks and swings in bitcoin's price.