Business · Markets · 1 hr ago
MSCI Removes Strategy From Its Equity Benchmarks
MSCI has removed Strategy from its equity benchmarks under new rules for companies it classifies as non-operating businesses.
Strategy is a company led by co-founder and executive chairman Michael Saylor, and it has acquired more than $60 billion in Bitcoin since mid-2020.
The company funds Bitcoin purchases by selling shares and other securities, often at a premium.
When an index changes, funds that track it typically adjust their holdings, which could lead to heavy selling of Strategy stock.
A JPMorgan estimate last year put possible sales at up to $2.8 billion, with more if other indexes also drop the company.
The exclusion takes effect at the close of November 30, and Strategy’s shares fell almost 2% in after-hours trading after the decision.
Saylor has criticized MSCI’s approach, while the company did not immediately comment.
MSCI removed Strategy Inc. from its global equity benchmarks after adopting new eligibility rules.
The rules exclude companies classified as non-operating businesses and take effect at the close of Nov. 30.
The removal could prompt index-tracking funds to sell Strategy shares and add pressure to the company’s Bitcoin financing model.
Strategy has acquired more than $60 billion in Bitcoin since the middle of 2020.
Michael Saylor criticized the decision, saying MSCI was “imposing prejudicial values on digital assets.”
- Who
- MSCI removed Strategy Inc. from its equity benchmarks.
- What
- The index provider excluded Strategy under new eligibility rules.
- When
- The decision was announced in the November 2026 Index Review, released Wednesday. The rules take effect at the close of Nov. 30.
- Where
- MSCI’s global equity benchmarks, including the MSCI USA Index.
- Why
- MSCI adopted a framework excluding companies classified as non-operating businesses.
MSCI
Michael Saylor
Eligibility rules
MSCI
MSCI said its new framework excludes companies classified as non-operating businesses.
Michael Saylor
Saylor said MSCI was “imposing prejudicial values on digital assets.
Effect of the decision
MSCI
MSCI’s review removed Strategy from its benchmarks.
Michael Saylor
Saylor downplayed the potential impact and called the decision a “value judgment” that sets a bad precedent.
Strategy began acquiring Bitcoin, and it has since bought more than $60 billion worth.
Strategy said in its quarterly report that it expected its class A common stock to be excluded from MSCI indexes.
Saylor told Bloomberg TV that MSCI was “imposing prejudicial values on digital assets.
MSCI released the results of its November Index Review, removing Strategy from its equity benchmarks.
MSCI’s new eligibility framework is set to take effect.
- Bitcoin acquired
- More than $60 billion since the middle of 2020
- MSCI Index Review
- November 2026
- New framework effective
- Close of Nov. 30
- Potential Strategy share sales
- Up to $2.8 billion, according to a JPMorgan estimate last year
- Additional sales if other indexes follow
- Potentially $8.8 billion, according to the JPMorgan estimate
What people are saying
imposing prejudicial values on digital assets
value judgment