MSCI removes Strategy from key equity indexes
Key points
- MSCI has confirmed Strategy’s removal from its equity indexes during the November 2026 review.
- The changes also affect crypto treasury companies Metaplanet and Upexi, taking effect after the November 30 market close.
- The decision could prompt index-tracking funds to sell Strategy shares, reducing passive investment demand.
MSCI Inc (NYSE:MSCI) will remove Strategy Inc (NASDAQ:MSTR) from its equity indexes after the November 2026 review, ending months of uncertainty over its eligibility.
The changes take effect after the market closes on November 30, following MSCI’s revised rules for companies classified as non-operating businesses.
MSCI’s framework screens companies for substantial operating assets and applies five financial ratios to determine index eligibility.
The removal could prompt passive funds tracking affected benchmarks to sell Strategy shares, reducing a source of investor demand.
The final deletion list also includes Japan’s Metaplanet and crypto treasury company Upexi, while Ether-focused SharpLink remains on a watchlist.
Strategy built its business around accumulating Bitcoin (BTC), using capital markets to expand its cryptocurrency holdings and provide investors with indirect Bitcoin exposure.
Strategy said MSCI-linked funds held approximately 13 million shares, representing 3.1% of its basic shares outstanding, according to its consultation response.
Following the announcement, Strategy shares were up 1.06% at $122.35.
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