Strategy Faces $2.8 Billion Selling Risk As MSCI Removes Bitcoin Giant From Indexes
Summary
MSCI will remove Strategy from its USA Index at the close of November 30, 2026, under rules for companies classified as non-operating businesses. The change may prompt passive funds to sell MSTR shares; JPMorgan estimated potential outflows of about $2.8 billion, though this is not a confirmed figure. The removal does not require Strategy to sell Bitcoin and is not expected to directly force BTC sales. Strategy holds about 850,364 BTC, but reduced demand for its shares could affect its valuation premium and make future capital raises—and thus further Bitcoin purchases—less attractive. The decision may also shape how index providers treat other digital-asset treasury companies.
