Strategy may be removed from MSCI indexes. The list will be released on November 11

On Thursday, MSCI announced rules that could kick Strategy off its indexes. There is no decision yet. The calendar is already out: the list of companies to be removed will be published on November 11.

On October 15, MSCI adopted a test that screens out companies without large operating assets from indexes. Strategy (848,250 bitcoins) and Metaplanet are among the companies it may cover.

The final list will appear on November 11, and the changes will come into force after the close of business on November 30.

According to Comparic, MSCI funds hold about 13 million Strategy shares, or almost $2 billion. JPMorgan’s estimate, $2.8 billion, is from November 2025.

The new MSCI test has two steps. First, it checks whether the company has large operating assets. If there are none, it examines five financial indicators. Failing four means exclusion, according to the MSCI announcement.

How the new MSCI test works

A company already included in the index only drops out if it fails the test in both of its most recent annual reporting periods. A candidate for entry is eliminated after failing one period. MSCI may also refer to the latest interim report, if one exists.

This is MSCI’s second attempt. In January, the company stopped excluding companies with bitcoins and opened broader consultations, as Yahoo Finance writes. The revised draft has undergone consultations, writes CryptoBriefing.

The new test replaces the temporary restrictions from October 2025. They covered companies where crypto was at least half of the assets and, among other things, froze them the number of shares included in the index. They expire with the November inspection.

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Strategy is on the list, but there is no verdict

Strategy was included in the May MSCI simulation alongside Metaplanet and Yellow Cake, according to The Block. According to Yahoo Finance, the list with data as of September 30 still shows Strategy and Metaplanet as possible removals, alongside Yellow Cake, Iceland’s Skel Fjarfestingafelag and Upexi. CoinDesk doesn’t say which of the five indicators Strategy is failing.

According to The Block Strategy, it wrote in a September letter that the change would have little impact on the company’s operations and would damage MSCI’s reputation. According to CryptoBriefing, Michael Saylor said in an interview with Bloomberg on Tuesday that he doesn’t care much about the possible removal because cryptocurrencies are the future. This is a warning for now. The exclusion will only be announced by the November 11 list.

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How many shares could be put up for sale

According to Comparic, funds tracking MSCI indexes hold approximately 13 million Strategy shares. I multiplied that by Thursday’s closing price, $151.29 per share (CoinDesk data). It comes to almost $2 billion.

JPMorgan analysts estimated that the exclusion by MSCI would trigger an outflow of USD 2.8 billion from Strategy shares. This estimate comes from November 2025 and assumes a market value of Strategy of around $50 billion, as The Block wrote, and is repeated today by CoinDesk. According to Comparic Strategy, it says its holdings in MSCI funds are smaller than the stock’s single-day trading volume.

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The sale would affect shares, not Strategy’s bitcoins, CoinDesk notes. Strategy has 848,250 bitcoins and bought another 250 in the week ending Oct. 11, according to the 8-K report. Almost the entire cost of these purchases came from the sale of its own shares. At a lower price, the same number of shares sold will buy fewer bitcoins.

What does this mean for an ETF holder?

An ETF is a fund listed on a stock exchange. If yours tracks the MSCI Broad Index, you’ll find the full lineup on its provider’s website. There you can check if Strategy is there at all.