MSCI Drops Strategy From Global Indexes, Removal Set for November 30 Close

MSCI will remove Strategy from its global indexes after determining the company more closely resembles an investment fund, Reuters reported on Wednesday, November 11, 2026. Strategy, formerly MicroStrategy and traded under the ticker MSTR, will be removed from the MSCI USA Index as of the close of November 30, 2026, which also takes it out of the broader MSCI World and ACWI indexes. Reuters syndicated text phrases the effective removal as December 1.

The decision is the final step in a review that drew in companies that buy and hold assets rather than run an operating business. MSCI last year proposed excluding digital asset treasury companies whose holdings represent 50 percent or more of total assets, then launched a broader review into non-operating companies with fund type characteristics, which are excluded from its benchmarks, Reuters reported.

What changes at the end of November

Index funds that track MSCI benchmarks hold the stocks inside those indexes. When a company leaves an index, those funds sell the shares. Strategy had warned last year that an exclusion would result in 2.8 billion dollars of its stock being liquidated and would chill the industry, Reuters reported. J.P. Morgan had previously estimated outflows of as much as 8.8 billion dollars from Strategy stock if other index providers follow suit.

A removal does not delist Strategy stock from an exchange and does not force the company to sell bitcoin, Bitcoin Magazine reported. The shares continue to trade. What changes is who is required to hold them.

Strategy held 850,364 bitcoin as of November 8, acquired at an average price of 75,456 dollars a coin, or 64.16 billion dollars in aggregate, Bitcoin Magazine reported.

Market reaction on Wednesday

Strategy shares fell 2.5 percent in extended trading on Wednesday, November 11, per Reuters. Bitcoin Magazine, at 5:34 p.m. Eastern Time, put the after-hours slip at 1.51 percent to 120.50 dollars after a close of 122.35 dollars, up 1.06 percent. The two percentages were recorded at different times and are reported here separately.

Other companies on the list

Tokyo listed Metaplanet, which also buys and holds bitcoin, and UK based uranium buying company Yellow Cake were also on the exclusion list, Reuters reported. Bitcoin Magazine added Skel Fjarfestingafelag, in the MSCI Iceland Frontier Markets Small Cap index, and Upexi, in the USA Micro Cap index, as other removals in the same review.

Ethereum treasury platform SharpLink was on the watchlist in the list published by MSCI on Wednesday, per Reuters. A place on the watchlist is not a removal.

Strategy, Metaplanet and Yellow Cake did not immediately respond to Reuters requests for comment.

The November 11 decision closes the question that an earlier Orbit Post report left open on October 16, when MSCI adopted the non-operating rule and said the final list was due on November 11. That rule story stays as the record of the adoption. This report is the record of the final list and the removal date.