Index provider MSCI has decided to remove Strategy, one of the largest corporate bitcoin (BTC) holders, from its global indexes, including the MSCI USA index, according to Japanese outlet CoinPost. The decision came out of MSCI’s regular November review and was announced on November 12 Japan time. The removal takes effect at the close of trading on November 30.
CoinPost’s report is the only source for this account, and it does not quote a direct statement from MSCI or Strategy.
A rule aimed at non-operating companies
According to CoinPost, the removal follows a rule MSCI introduced on October 15 that excludes so-called non-operating companies, those with little real business activity, from its global indexes. Strategy has objected to the rule, which it calls discriminatory against companies that hold digital assets, the outlet says.
Selling pressure on the shares, not necessarily on bitcoin
CoinPost reports that passive funds tracking the index will have to sell Strategy shares once the removal takes effect. Strategy itself, however, is not required to sell any bitcoin as a result.
As a guide to scale, CoinPost cites a JPMorgan estimate of $2.8 billion in fund outflows, and a further $8.8 billion if other index providers follow MSCI. These figures come from a November 2025 report and referred to an earlier MSCI proposal that was not implemented, so they may not reflect the actual size of the selling.
Where bitcoin could be affected
According to CoinPost, bitcoin would be affected if Strategy buys less or sells more. JPMorgan analysts, as cited by the outlet, worried that the removal could raise doubts about Strategy’s ability to raise money through equity and debt. A lower share price reduces the amount of bitcoin the company can buy through its at-the-market share sales.
CoinPost also points to Strategy’s third-quarter 8-K filing, which reportedly shows the company sold bitcoin worth about $432 million to fund preferred dividends and buybacks of its STRC preferred stock.
What to watch after November 30
CoinPost says Strategy’s weekly 8-K filings after November 30 should show where the selling went. New bitcoin purchases would suggest that selling stayed within the shares. Use of the sales facility of up to $1.25 billion approved by Strategy’s board beyond what dividends require could mean bitcoin was sold as well.
Several questions remain open: whether Strategy will buy less bitcoin or sell more after the removal, and whether other index providers will follow MSCI.
Sources
- coinpost.jp CoinPost — 米MSCI、ストラテジーをグローバル指数から除外 ファンドの売りは株式が対象 Accessed
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