CoinDesk
MSCI will remove Strategy, the largest publicly listed holder of Bitcoin, from its global equity indexes after the close on Nov. 30. Funds tracking MSCI indexes hold about 13 million Strategy shares, or 3.1% of its basic shares outstanding, according to the company. Those shares were worth roughly $1.6 billion at Wednesday's prices.
The decision follows an Oct. 15 screen excluding non-operating companies. It also removes Bitcoin treasury firm Metaplanet from the MSCI Japan Small Cap Index.
Why it matters
Strategy has financed Bitcoin purchases through common shares, preferred stock and convertible notes. Analysts say the loss of passive demand could pressure its market-value-to-net-asset-value premium, making equity issuance less attractive as a way to increase Bitcoin holdings per share.
That premium has compressed from a 3.4x peak in November 2024 to roughly 1.08x. Strategy held 850,364 BTC, valued at $62.6 billion, as of the report. Index exclusion does not delist its shares or force it to sell Bitcoin.
Market impact
BloFin Research estimates that MSCI-tracking funds would need to sell roughly 13 million shares, less than one day's typical trading volume. JPMorgan estimated $2.8 billion in outflows in November 2025, but its forecast used MSCI's initial proposal rather than the final rules.
Markus Thielen of 10x Research said the widely expected exclusion is largely priced in and that some funds were already underweight Strategy. He expects the stock to keep underperforming but does not expect spillover into Bitcoin.
Frequently asked questions
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When will MSCI remove Strategy from its indexes?
The removal takes effect after the close on Nov. 30. MSCI applied a screen excluding non-operating companies.
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How many Strategy shares are held by MSCI-tracking funds?
Strategy said funds tracking MSCI indexes hold about 13 million shares, or 3.1% of its basic shares outstanding. Those shares were worth roughly $1.6 billion at Wednesday's prices.
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Why could the exclusion affect Strategy's Bitcoin purchases?
Lost passive demand could pressure Strategy's market-value-to-net-asset-value premium. A smaller premium makes issuing equity less attractive as a way to increase Bitcoin holdings per share.
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Does index exclusion force Strategy to sell Bitcoin?
No. The exclusion neither forces Strategy to sell Bitcoin nor delists its shares from exchanges.
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Why do some analysts expect a limited market impact?
Markus Thielen of 10x Research said the exclusion was widely expected and largely priced in. He also said some funds were already underweight Strategy.
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