Strategy shares fell by 6.5% amid MSCI decision

On November 12, 2026, shares of Strategy (MSTR), the largest public corporate holder of Bitcoin, ended trading down 6.49% at $114.41. The day before, index provider MSCI confirmed the exclusion of the company from stock indices following the November review. The changes will take effect after the close of trading on November 30.

Why Strategy is being excluded from indices

MSCI reviewed the inclusion criteria for companies whose activities are primarily related to holding investment assets. Strategy, which uses raised capital for purchasing Bitcoins among other things, disputes this approach and considers itself an operational business. The exclusion will affect MSCI USA and related global indices, including MSCI World and ACWI.

How many shares index funds might sell

JPMorgan analysts previously estimated the potential selling pressure from Strategy's exclusion from MSCI indices at approximately $2.8 billion. The forecast was made before the final rules were confirmed and does not mean that such a volume of transactions will necessarily occur. Strategy claims that funds tracking MSCI indices held about 13 million of its shares, or 3.1% of the outstanding shares.

Managers of passive funds may need to exclude MSTR from portfolios during rebalancing. However, MSCI's decision pertains to the company's shares and does not obligate Strategy itself to sell its Bitcoin holdings. Exclusion from indices also does not mean the cessation of MSTR's stock trading.

MSTR's decline coincided with a crypto market drop

According to CoinGecko, on the evening of November 12, Bitcoin was trading around $71,340, losing 4.3% over the day. The total cryptocurrency market capitalization decreased by approximately 3%, to $2.49 trillion. This coincidence heightens attention to the risks of companies with large crypto reserves but does not allow attributing all of MSTR's decline solely to MSCI's decision or the movement of BTC.