MSCI removes Strategy from its indexes from November 30

What happened. MSCI, one of the largest index providers, published the results of its November review. The MSCI USA Index adds one company, Moderna, and deletes 24. Strategy is among the deletions. All changes take effect after the close on November 30, 2026. Across the global MSCI ACWI Index, 100 securities leave and 13 join.

Why Strategy. Bitcoin Magazine says the reason is a new rule MSCI adopted in October. Companies whose operating assets are less than half of total assets are checked against five financial ratios. If a company fails four of the five, it is treated as non-operating and is not eligible for the indexes. Strategy holds 850,364 Bitcoin, and the outlet reports that the new screen classed it as non-operating. Leaving MSCI USA also means leaving MSCI World and ACWI.

Who else. In the same review, Metaplanet, another large Bitcoin holder, leaves the MSCI Japan Small Cap Index, and Yellow Cake, which holds uranium, leaves the UK small cap index. Cointelegraph reports that Sharplink stays on a watchlist.

What it could cost. Strategy opposed the rule. The company says MSCI-linked funds hold about 13 million of its shares, 3.1% of basic shares outstanding, which is less than one day of trading volume. JPMorgan earlier estimated about $2.8 billion of possible selling, but that estimate was based on MSCI's earlier proposal. After the news, MSTR slipped about 1.5% after hours. Keep in mind: an index deletion is not a delisting. The shares keep trading, and the rule does not force anyone to sell Bitcoin.

已确认的事实

• Strategy (STRATEGY A) is on the list of deletions from MSCI USA in the review published November 11, 2026.^[1]
• The MSCI USA Index adds 1 company and deletes 24.^[1]
• All changes take effect as of the close of November 30, 2026.^[2]
• 100 securities are deleted from and 13 added to the MSCI ACWI Index; Moderna and Aritzia join MSCI World.^[2]
• Metaplanet is deleted from the MSCI Japan Small Cap Index and Yellow Cake from the UK one.^[5]
• Leaving MSCI USA also removes a company from MSCI World and ACWI.^[3]
• Under the rule adopted October 15, companies with operating assets below 50% of total assets face five ratios; failing four or more makes them ineligible.^[3]
• Strategy held 850,364 Bitcoin as of November 8.^[3]
• Strategy said MSCI-linked funds hold about 13 million of its shares, 3.1% of basic shares outstanding, less than one day of trading volume.^[4]
• JPMorgan earlier estimated possible selling from an exclusion at about $2.8 billion.^[3][4]
• Sharplink remains on a watchlist.^[4]
• MSTR closed at $122.35 and slipped to $120.50 after hours.^[3]

影响

• 已确认Passive funds that track MSCI indexes will have to drop Strategy shares by the close on November 30.
• 已确认The decision does not force Strategy to sell Bitcoin and does not delist its shares.
• 我们的解读Much of the selling may already be priced in, since the rule has been known since October.
• 我们的解读If other index providers adopt similar rules, pressure on crypto treasury stocks could grow.

仍未知

• Whether other index providers will follow MSCI.
• How many shares funds will actually sell on November 30: the JPMorgan estimate was based on the earlier draft rule.
• Whether Strategy will formally challenge the decision.

影响到谁

USA, Japan, World. MSTR and index fund holders, Bitcoin investors and crypto treasury company watchers

来源

1. MSCI: MSCI Global Standard Indexes: November 2026 Index Review, additions and deletions 2026年11月11日 · 官方
2. MSCI: MSCI Equity Indexes November 2026 Index Review 2026年11月11日 · 官方
3. Bitcoin Magazine: MSCI Removes Strategy (MSTR) From Its USA Index, Forcing Index Funds to Sell by Nov. 30 2026年11月11日 · 媒体
4. Cointelegraph: MSCI confirms Strategy's removal from indexes at end of November 2026年11月12日 · 媒体
5. MSCI: MSCI Global Small Cap Indexes: November 2026 Index Review 2026年11月11日 · 官方