Will Strategy, which holds over 640,000 BTC, be removed from leading indexes? The value of the bitcoins held by the company exceeds the 50% threshold. And this may determine her future fate.
Strategy with problems
MSCI has proposed excluding companies where digital assets constitute 50% or more of total assets from the Global Investable Market Indexes. Consultations on this matter will end on December 31, 2025. However, if the idea is accepted, a review of companies for their potential delisting will begin in February 2026. For companies like Strategy, whose bitcoin portfolio contains 640,000 BTC, this is a huge problem.
Strategy in practice may be excluded from both MSCI and NASDAQ. This is a big problem for such a company, because it will be cut off from oxygen – investors’ capital.
The worst thing is that the company could have brought the problems on itself, because today it has 649,870 BTC. The average cost of purchasing 1 BTC is USD 74,433. However, the price of one MSTR share has already fallen by 52.9% since the local peak on October 6. The shares are therefore falling more strongly than bitcoin, which has fallen by just over 30% since ATH.
Strategy’s aggressive bitcoin accumulation has turned it into a de facto company that primarily focuses on accumulating BTC. To simplify a bit, we can say that it is something like an ETF, not a real company. As of November 2025, its total assets are USD 69 billion and almost 100% are… bitcoins.
While this strategy has generated significant unrealized profits – $3.9 billion in the third quarter of 2025 alone – the company’s dependence on bitcoin’s price exposes it and investors to significant risk.
Is it just FUD?
Delisting Strategy’s shares from trading could undermine institutional investors’ confidence in cryptocurrencies and cause liquidity problems. It is possible that this is where the reasons for the declines we have recently observed should be sought. Investors are pricing in future problems.
However, it is worth asking whether this is not FUD, i.e. empty scaring. Firstly, the potential rules are still being consulted and it is not clear whether they will be implemented. Moreover, it is surprising that the news appears at a time when sales dominate the market.
