MSCI Will Drop Strategy (MSTR) From Its Indexes on Nov. 30

Index provider MSCI said on Wednesday, November 11, 2026, that it will remove bitcoin holder Strategy (MSTR) from the MSCI USA Index as part of its November index review. The change takes effect after the market close on Monday, November 30, according to The Block, Cointelegraph and Reuters.

Japan's Metaplanet and Upexi, two other companies that hold crypto on their balance sheets, are also being dropped. MSCI posted the review shortly after 5 p.m. ET, Bitcoin Magazine reported.

Who is being removed

Leaving the MSCI USA Index also takes Strategy out of the broader MSCI World and MSCI ACWI indexes, according to Bitcoin Magazine. Ether holder SharpLink was not on the deletion list, The Block reported, though it remains on a watchlist, according to Cointelegraph and Bitcoin Magazine. MSCI did not give company-by-company reasons, The Block said.

Why MSCI is doing this

The removals follow a rule MSCI adopted on October 15 to screen out what it calls non-operating companies, according to Bitcoin Magazine. Put simply, MSCI first asks whether a real operating business accounts for at least half of what a company owns. A company that falls short gets a second look across five financial measures, and failing most of them (four of the five) makes it ineligible for MSCI's main global index family, Bitcoin Magazine explained. Bitcoin Magazine noted that the rule does not mention bitcoin by name.

How much selling could follow

Index funds that track MSCI benchmarks will have to sell their Strategy shares around the effective date. MSCI has not published an estimate. JPMorgan analysts previously put the possible selling at about $2.8 billion, Cointelegraph and Bitcoin Magazine reported; Bitcoin Magazine said that estimate was built on MSCI's earlier proposal. Strategy has argued the impact is smaller: in its response to MSCI, it said MSCI-linked funds held about 13 million shares, or 3.1% of its basic shares outstanding, which is less than one day's trading volume, according to Cointelegraph.

How the stock reacted

Strategy closed Wednesday's regular session at $122.35, up 1.06%, then slipped 1.51% to $120.50 in after-hours trading as of 5:34 p.m. ET, Bitcoin Magazine reported. The Block later put the after-hours price at $119.06, down 2.6%. The shares had fallen about 20% this year before the news, while bitcoin was down about 15%, according to Reuters.

Strategy held 850,364 bitcoin as of November 8, bought at an average of $75,456 per coin, according to Bitcoin Magazine, citing the company's latest SEC filing.

What it means for investors

If you own an index fund that tracks an MSCI benchmark, the fund will simply stop holding Strategy; you don't need to do anything. Investors who own MSTR directly should know that the removal does not force Strategy to sell any bitcoin, KuCoin noted in its daily market report. To understand how index changes work, read our guide to index funds vs. ETFs and what market cap means. For the latest crypto fund flows, see our report on bitcoin ETFs' fifth day of outflows.

This article is for information only and is not investment advice.