Publication Date: October 8, 2026

Back in November 2025, we wrote about the possible exclusion of Strategy from MSCI’s stock indices. At the time, the index provider was investigating whether companies with large Bitcoin positions still belonged in traditional stock indices. Following criticism from the crypto sector, the proposal was temporarily withdrawn in early 2026.

A new proposal is now on the table. MSCI wants to introduce stricter rules for companies that primarily hold investments rather than engage in traditional business activities. This brings Strategy and the Japanese company Metaplanet, among others, back into the picture. The potential consequences are significant, as an exclusion could lead to billions of dollars in stock sales.

More clarity is expected on October 16. What has changed since our previous article, and what does this mean for investors?

To stay fully informed, you can also read our previous article from November 27, 2025: “MSCI Reconsiders Crypto Companies: Is (Micro)Strategy at Risk?” You can find the full article HERE.

Why is MSCI considering this change?

MSCI manages well-known stock indices such as the MSCI World and MSCI ACWI. Many mutual funds and ETFs automatically track these indices. When a company is removed from an index, funds that track that index are generally required to sell their shares in that company as well.

MSCI is currently investigating whether companies that primarily hold investments still belong in mainstream stock indices. In doing so, it is examining the ratio between the company’s actual business activities and the assets on its balance sheet.

The proposal does not focus exclusively on crypto companies. Companies that hold large amounts of other assets may also be excluded. A previous calculation by MSCI showed that Strategy and the Japanese company Metaplanet, among others, may not meet the new criteria.

Why is Strategy in the spotlight?

With over 840,000 bitcoins, Strategy is the world’s largest publicly traded bitcoin holder. Although the company originally operated in the software sector, it now focuses primarily on purchasing and holding bitcoin. This makes Strategy one of the key companies that may be affected by MSCI’s new rules.

Under the new proposal, MSCI will no longer look exclusively at the amount of crypto assets on the balance sheet, but primarily at the company’s actual business activities. Companies that primarily hold investments and generate relatively little revenue from their original operations may therefore be excluded from the indices.

This poses a significant risk for Strategy. The company holds tens of billions of dollars in bitcoin, while its software operations account for a relatively small portion of its business. As a result, there is a possibility that Strategy will no longer meet MSCI’s criteria.

Potentially Billions in Stock Sales

A potential exclusion could have significant consequences for Strategy’s stock price. Analysts estimate that, in the event of a delisting, index funds would have to sell approximately $1.8 to $2 billion in shares.

According to earlier calculations by JPMorgan, this amount could even rise to $8.8 billion if other major index managers follow MSCI’s lead.

In addition, the decision could affect how Strategy finances new bitcoin purchases. The stock is regularly traded at a higher valuation than its underlying bitcoin holdings. This allows the company to issue new shares relatively cheaply to purchase additional bitcoin. If demand from index funds declines, this premium could shrink. That would make it more difficult for Strategy to continue growing in the same way.

What does this mean for Bitcoin and investors?

An important distinction is that a potential delisting does not mean Strategy has to sell its Bitcoin. In that case, index funds would sell Strategy shares, not the Bitcoin held by the company. The direct impact on the Bitcoin price is therefore limited, although a negative decision could still affect market sentiment.

Furthermore, an immediate removal is not a given. Additional conditions apply to existing index constituents, which means that any exclusion might not take place until later.

Conclusion

MSCI’s decision could mark a significant moment for companies holding large amounts of Bitcoin. Strategy, in particular, faces the risk of significant selling pressure if the company is removed from major stock indices.

At the same time, a potential exclusion does not automatically mean that large amounts of bitcoin will be sold. The consequences will likely be most evident in the stock prices of the companies involved.

The announcement on October 16 should provide more clarity on the future position of Bitcoin companies within traditional stock indices. For investors, the key question is whether other index providers will follow MSCI’s lead.

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips on this website are based on our analysts’ own insights and experiences. They are therefore intended for educational purposes only.