- Strategy’s stock fell 4% in after-hours trading after MSCI announced rules to exclude non-operating companies from its World Index.
- The new methodology targets firms where operating assets fall below half of total assets, with Strategy holding most assets as BTC.
- Founder Michael Saylor and CEO Phong Le have lobbied against the change, calling it “discriminatory, arbitrary, and misguided.”
- JPMorgan estimated that MSCI exclusion alone could trigger $2.8 billion in outflows for Strategy.
Strategy’s shares dropped 4% in after-hours trading yesterday as traders speculated about the company’s potential removal from the MSCI World Index. The indexation giant announced new rules excluding non-operating companies from its Global Investable Market Indexes, effective with the November 2026 Index Review.
Strategy holds the vast majority of its assets as passive BTC investment, triggering a two-step screening process. If flagged on at least four of five ratios across two filing periods, the stock becomes ineligible for inclusion.
MSCI’s impact list flags Strategy as a potential removal, with its float-adjusted market value of about $40 billion dwarfing all other at-risk stocks. The finalized list arrives November 11, marking the second de-indexation scare for shareholders in 2026 after MSCI shelved its first removal opportunity in January.
Founder Michael Saylor and CEO Phong Le have actively campaigned against the change. In a letter, they called the proposal “discriminatory, arbitrary, and misguided,” warning it would harm MSCI’s reputation. Saylor told Bloomberg Crypto that MSCI’s position was “disappointing.”
JPMorgan estimated that MSCI exclusion alone could trigger $2.8 billion in outflows. Strategy reports MSCI-linked fund ownership at roughly 13 million shares, about 3.1% of its basic shares.
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