MSCI cuts Strategy, owner of 850,364 bitcoin, from its USA index after November 30
MSCI's November review list names "Strategy A" among 24 deletions from the MSCI USA Index. Funds that copy the index will have to sell the stock by the close of November 30.
Key points
- MSCI's November 2026 review, published November 11, lists "Strategy A" among 24 deletions from the MSCI USA Index.
- All changes take effect as of the close of November 30, 2026. MSCI is deleting 100 securities from its MSCI ACWI Index and adding 13.
- Strategy held 850,364 bitcoin as of November 8, 2026, bought for $64.16 billion, per its November 9 SEC filing.
What MSCI published
MSCI, the company behind stock indexes that trillions of dollars in funds track, released its November 2026 index review on November 11. Its list of changes names "Strategy A", the class A stock of the largest corporate bitcoin holder, among 24 deletions from the MSCI USA Index. MSCI said all changes will apply as of the close of November 30, 2026.
Index funds and ETFs that copy an MSCI index must hold what the index holds. When a stock leaves, those funds usually sell it around the effective date. That forced selling is often called passive selling.
Why Strategy is out
On October 15, MSCI said it will treat "non-operating companies" as ineligible for its main indexes. A company that lacks "substantial operating assets" is tested on five financial ratios. It fails if it is flagged on four or more. A current member is removed only if it fails in both of its two latest annual periods.
MSCI also dropped its October 2025 interim rules for digital asset holding companies. Those firms are now judged under the new test. The November 11 list itself does not give a reason for each deletion.
What about Metaplanet?
Metaplanet, the Tokyo-listed bitcoin buyer, is not named in MSCI's standard index list for November. MSCI keeps separate lists for small cap and micro cap indexes, and LC Insight could not open the small cap list at publication time. We will update this story when we can check it.
Strategy's bitcoin, by the numbers
Strategy's 8-K filing of November 9 says it bought 1,036 bitcoin from November 2 to 8 for $81.9 million, an average of $79,012 each. That took its total to 850,364 BTC, bought for $64.16 billion in all, or $75,456 per coin.
CoinGecko showed bitcoin at $73,476 at 12:45 a.m. ET on November 12, down 0.4% in 24 hours. At that price the stack is worth about $62.5 billion, roughly $1.7 billion below what Strategy paid.
Strategy's bitcoin: cost vs value
US$ billion
Sources: Strategy 8-K, November 9, 2026; CoinGecko.
What comes next
After the November 30 close, funds tracking the MSCI USA Index will no longer hold Strategy stock. Strategy's November 9 filing does not mention MSCI or estimate how much stock index funds may sell, and LC Insight did not find such an estimate in the company's own filings.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the bigger effect is on how the stock is owned, not on bitcoin itself. Strategy buys bitcoin with money it raises, so less demand for its shares could make that harder.
- The likely result is more trading in Strategy stock near the November 30 close, when index funds usually rebalance.
- MSCI's buffer rule means a company has to fail two years in a row to be removed, so a return would also take time.
What's next
- MSCI's small cap and micro cap lists for Metaplanet and other bitcoin treasury firms
- Any change to the list before the November 30 close
- Strategy's next weekly 8-K on bitcoin purchases
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- MSCI, Global Standard Indexes November 2026 Index Review announcement, November 11, 2026 (read November 12, 2026, 12:35 a.m. ET)
- MSCI, Global Standard Indexes list of additions and deletions, November 11, 2026 (read November 12, 2026, 12:33 a.m. ET)
- MSCI, results of the consultation on non-operating companies, October 15, 2026 (read November 12, 2026, 12:38 a.m. ET)
- SEC EDGAR, Strategy Inc Form 8-K, November 9, 2026 (read November 12, 2026, 12:37 a.m. ET)
- CoinGecko API, bitcoin price and 24-hour change (read November 12, 2026, 12:45 a.m. ET)
