Overview
- MSCI is consulting on excluding companies whose digital-asset holdings are 50% or more of total assets, with a decision due January 15, 2026.
- JPMorgan estimates roughly $2.8 billion of passive outflows if Strategy is removed from MSCI indexes, rising to as much as $11.6 billion if other providers follow, with about $9 billion currently held by index-tracking funds.
- Strategy’s stock has fallen sharply as its premium to its bitcoin holdings has collapsed toward parity, raising risks to liquidity, trading volumes, and future equity or debt issuance.
- Michael Saylor rejects characterization as a fund, citing a $500 million software business and five digital credit offerings (STRK, STRF, STRD, STRC, STRE) totaling over $7.7 billion in notional value, including a bitcoin-backed credit instrument offering variable USD yields.
- The company continues to buy bitcoin and reports holdings of about 649,870 BTC while remaining in benchmarks such as the Nasdaq 100 and MSCI USA as the review proceeds.