Strategy faces MSCI index decision on Nov. 11

Key points

• MSCI will publish its list of affected companies on Nov. 11
• Any removals would take effect after the Nov. 30 close, per DL News
• JPMorgan estimated up to $2.8 billion of Strategy share sales on exclusion
• Strategy's removal is not confirmed; exclusion would not force bitcoin sales

MSCI is due to name the companies affected by its new rules for non-operating firms on Nov. 11, a decision that could remove bitcoin treasury company Strategy from the index provider’s global equity benchmarks, according to DL News. Any removals would take effect after the close on Nov. 30, the report said. Strategy’s exclusion is not confirmed.

How MSCI’s new eligibility rules work

MSCI adopted the framework on Oct. 15, as The Block reported. It replaces interim restrictions that targeted companies whose digital asset holdings made up at least 50% of total assets.

MSCI first checks whether a company has substantial operating assets. Companies that fail that screen face five financial-ratio tests, and being flagged on at least four makes a company ineligible, DL News said.

The rules include buffers meant to limit index turnover. Existing constituents are removed only if they fail the screen in both of their two most recent annual filing periods, according to both outlets. MSCI may also consider the latest interim filing.

Which companies could be affected

DL News said Strategy, Metaplanet and Upexi had previously been identified as potential exclusions under the methodology. It said Sharplink, Ton Strategy Company, Solana Company and DeFi Development Corp. are on a watchlist. The Block, citing a May 2026 simulation, listed Strategy, Metaplanet and Yellow Cake as flagged, and noted that SharpLink could also be affected.

The lists differ between outlets, and MSCI’s announcement does not name any company. The Nov. 11 publication is the first point at which the affected firms are expected to be confirmed.

Potential market impact

DL News cited a 2025 JPMorgan estimate, reported by Bloomberg, that exclusion could trigger up to $2.8 billion in sales of Strategy shares. Bloomberg also reported that selling could reach $8.8 billion in total if other index providers followed MSCI.

Brian Dobson, managing director for disruptive technology research at Clear Street, told DL News that index inclusion provides consistent buying, including through weekly 401(k) contributions and mutual funds, and that removal can cause short-term selling pressure. Alexander Blume, CEO of Two Prime, said it would be harder for Strategy to sell equity and keep its bitcoin-buying mechanism running.

Exclusion from an index would not itself require Strategy to sell bitcoin, DL News said.

Strategy’s response

Strategy has opposed the changes. In a September letter, the company said the proposal “would have no meaningful impact on Strategy’s business,” according to The Block. In an October Bloomberg TV interview, Executive Chairman Michael Saylor described the capital MSCI would control as “de minimis” and called the decision a “value judgment” that sets a bad precedent, DL News reported.

Separately, Strategy shareholders approved amendments on Oct. 28 allowing daily dividends on four preferred series, based on preliminary voting results, DL News said. STRC would start Nov. 1, while STRF, STRK and STRD would start Jan. 1, 2027, subject to the amended terms being filed and taking effect.

What happens next

Investors will watch the Nov. 11 list for which companies MSCI names. Under the timeline reported by DL News, removals would take effect after the Nov. 30 close. Strategy was also not selected for the S&P 500 in 2025, a decision DL News has linked to a higher bar for crypto firms.