Funds tracking MSCI indexes hold 3.1% of Strategy’s basic shares, according to the company. MSCI put Strategy on its deletion list on November 11, 2026, and its November index review sets the change for the November 30 close. The deletion puts selling pressure on shares Strategy sells to finance Bitcoin purchases; it does not require the company to sell Bitcoin.
MSCI’s Global Standard deletion list names “STRATEGY A” under the MSCI USA Index. Funds that track affected MSCI indexes must adjust their holdings when the deletion takes effect. Strategy says those funds hold about 13 million shares, less than one day’s trading volume. Index funds must leave the stock by the November 30 deadline even though Strategy puts their holdings below one day’s trading volume.
MSCI’s screen tests whether a company’s operating assets make up at least half its total assets. Companies that fail that test face further financial checks. The rule does not name Bitcoin: MSCI’s small-cap deletion list also includes Metaplanet, a Japanese Bitcoin treasury company, and Yellow Cake, which holds uranium.
Strategy opposed the screen in an August letter. The company said it reports its Bitcoin business as an operating segment under US accounting rules and argued that MSCI’s test would classify it differently. It also disputed the effect the proposal would have on its business:
If adopted, the proposal would have no meaningful impact on Strategy’s business, but it would profoundly harm MSCI’s reputation as a reliable and neutral index provider.
Strategy, August 2026 letter to MSCI
Strategy held 850,364 Bitcoin as of November 8, according to its securities filing.
