MSCI Removes Strategy From Global Indexes, Putting $1.6 Billion in Passive Holdings at Risk

MSCI has confirmed that Michael Saylor's Strategy $MSTR will be removed from its global equity indexes, with the change taking effect after the market close on November 30.
According to Strategy, funds tracking MSCI benchmarks currently hold approximately 13 million MSTR shares, representing about 3.1% of the company's outstanding stock. At Wednesday's closing price of $122.35, those holdings are worth roughly $1.59 billion.
That exposure is equivalent to nearly 60% of the stock's typical daily trading value, raising concerns about potential selling pressure as passive funds adjust their portfolios. The actual market impact will depend on how much of the exposure must be sold, the timing of transactions and available liquidity.
MSCI's decision follows its review of companies with characteristics resembling investment funds, including businesses holding substantial digital asset treasuries. The removal affects Strategy's equity index eligibility and does not require the company to liquidate any of its Bitcoin $BTC holdings.