MSCI to Exclude Strategy Shares from Indices

Index provider MSCI plans to exclude Strategy shares from its global equity indices. This decision is linked to the introduction of new selection criteria, which require issuers to have substantial operational activity.

The new criteria directly affect Michael Saylor’s Strategy business model, which primarily uses raised capital to accumulate Bitcoin. Other companies with a similar strategy, including Metaplanet and Yellow Cake, are also potentially subject to exclusion.

The regulator's decision could trigger forced selling by passive index funds. According to Strategy estimates, these funds hold about 3.1% of its shares, creating risks of short-term pressure on stock prices.

MSCI's official new rules will take effect in November 2026 during the scheduled review of index compositions. The final list of companies affected by the restrictions will be published on November 11 this year.