MSCI will remove Strategy, the company led by Michael Saylor and known for its large Bitcoin treasury, from the MSCI USA Index after trading closes on November 30. Because the stock is also included through that benchmark in broader gauges such as the MSCI World and MSCI All Country World indexes, the change will push MSTR out of those indexes as well.
The decision follows rule changes MSCI announced in October for what it classifies as non-operating companies. Even though Strategy reported $19.53 billion in quarterly net income, the index provider said benchmarks designed to track operating businesses should exclude companies that primarily hold financial assets.
Rule change targets financial-asset holding companies
MSCI said its revised approach is meant to keep investment-type vehicles out of indexes that are supposed to represent operating companies. Under that framework, companies whose main activity is holding financial assets can be excluded from the benchmarks.
That is the basis for Strategy’s removal. The company has built its profile around raising capital and accumulating Bitcoin, and MSCI’s new methodology places it in the category of non-operating companies rather than a standard corporate operating business.
Strategy disputed MSCI’s classification
Strategy has argued that its business should not be treated as a passive investment portfolio. In an August letter to MSCI, the company said that capital raising, management of its Bitcoin treasury and the issuance of financial products amount to an operating business.
The company described MSCI’s proposal as discriminatory and misguided, and urged the index provider to reflect the market rather than decide which business models belong in a benchmark. The source article does not indicate that MSCI changed course after receiving that response.
What the removal does and does not do
The index deletion does not affect Strategy’s Nasdaq listing, does not shut down the company and does not require it to sell any Bitcoin. The immediate effect is narrower: MSTR will no longer be included in stock baskets used by funds that track MSCI indexes.
That matters because index funds commonly adjust their holdings to match benchmark changes. If those funds sell Strategy shares during rebalancing, the company could lose some indirect support from passive investors. According to the source article, funds linked to MSCI indexes reportedly hold about 13 million Strategy shares, or roughly 3.1% of the stock outstanding. That level could create selling pressure if large funds rebalance at once.
Profit figure was driven largely by Bitcoin accounting
The removal comes shortly after Strategy reported $19.53 billion in net income for the latest quarter. According to the source article, that result was largely driven by changes in the market value of the company’s Bitcoin holdings.
Those valuation changes can flow through earnings under 2025 accounting rules even when no Bitcoin has been sold. Separate from its Bitcoin-related results, Strategy’s software division generated $125.4 million in quarterly revenue, while full-year 2025 software revenue was about $477.2 million.
Next step is the November 30 rebalance
The confirmed timeline in the source article is that Strategy will be deleted from the MSCI USA Index after the market closes on November 30. Its exclusion from broader MSCI World and ACWI benchmarks follows from that same index action.
The reported risk is not an immediate effect on Bitcoin itself, but possible pressure on Strategy shares and a reduced ability for the company to raise fresh capital for additional Bitcoin purchases. Any larger impact will depend on how index-tracking funds execute their rebalancing once the change takes effect.
Source: decrypt.co