MSCI to Exclude Strategy from Stock Indices on November 30

MSCI has included Strategy (MSTR) shares in the final exclusion list from the MSCI USA Index. The decision was published on November 11, 2026, and will take effect after the close of trading on November 30. Japanese Metaplanet and American Upexi will also be excluded from individual indices, while Sharplink, which accumulates ether, has been left on the watchlist.

Why MSCI Excludes Companies

In October, MSCI approved new requirements for issuers whose financial performance resembles investment funds. The methodology considers the share of operating assets, expenses, cash flows, and dependence on external financing. Companies that do not meet the established criteria may be deemed non-operational and excluded from the indices. The rules apply not only to cryptocurrency holders but also to other companies with a predominantly investment model.

What Will Happen to Strategy Shares

The exclusion may force funds that precisely replicate the composition of MSCI indices to sell MSTR shares. In November 2025, JPMorgan estimated a potential outflow of $2.8 billion, but this calculation was based on MSCI's previous proposal and is not a forecast of actual sales in November 2026. According to Strategy's estimate, funds oriented towards MSCI owned approximately 13 million of its shares – 3.1% of the common stock in circulation. The company opposed the rules, considering them unjustified, but assessed the potential impact on the business as limited.

After the announcement, Strategy shares declined in after-hours trading, with Reuters reporting a drop of about 2.5%. Exclusion from the index does not mean the cessation of trading on Nasdaq and does not require the sale of bitcoins from Strategy's reserves. The actual volume of sales will become clearer after the rebalancing of index funds.