Strategy dropped from MSCI global indexes, clouds hang over even as it buys more bitcoin

Strategy, which holds large amounts of bitcoin, is set to be removed from Morgan Stanley Capital International's global indexes. With passive outflows from index removal weighing on the share price, attention is on whether it will also affect the company's ability to raise funds for additional bitcoin purchases.

CoinPost reported on Wednesday that MSCI decided in its November regular review to remove Strategy from index calculations, including the MSCI USA Index. The move takes effect after the close of trading on Nov. 30.

The decision follows new inclusion standards MSCI introduced on Oct. 15. MSCI decided to exclude non-operating companies with insufficient substantive business activity from eligibility for global indexes, and judged that Strategy meets that standard. Strategy has opposed the move, saying it discriminates against companies that hold digital assets.

The immediate market impact is expected to center on supply and demand for Strategy shares rather than bitcoin selling. That is because passive funds tracking MSCI indexes must sell Strategy shares in line with the index change. The index removal does not, however, lead to forced bitcoin selling by Strategy.

The size of the selling is not yet fixed. JPMorgan estimates cited by the outlet suggest selling of about $2.8 billion could occur. The outlet also raised the possibility of an additional $8.8 billion in outflows if other index providers take similar measures. The figures are estimates from a November 2025 report and should be treated with caution because they were calculated on the assumption of an MSCI regulatory proposal that was not implemented at the time.