Overview
- MSCI published its final November 2026 Index Review shortly after 5 p.m. ET on Wednesday, Nov. 11, and confirmed Strategy (MSTR) will be removed from its global investable market indexes.
- Under the October 15 rules, MSCI first checks whether a firm has substantial operating assets and then applies five financial-ratio tests that can deem a company a non-operating business and therefore ineligible for inclusion.
- Index-tracking funds must sell any deleted constituents by the close of trading on Nov. 30, so passive outflows will hit the stock while leaving the company’s Bitcoin treasury untouched unless management chooses to sell the coins.
- Estimates of forced selling vary: JPMorgan once put the figure at about $2.8 billion under an earlier MSCI proposal, while Strategy’s filings show MSCI-tracking funds hold roughly 13 million MSTR shares worth about $1.6 billion at recent prices.
- The market has already priced risk into MSTR shares, which fell double digits in recent weeks, and investors will watch whether other index providers adopt similar screens and how the share-price pressure affects Strategy’s ability to raise equity for future Bitcoin purchases.