Under the new regulations, Strategy faces the risk of being excluded from the MSCI Index, and holdings worth billions in passive investments may be affected.

Reuters, October 16 - Under new rules adopted on Thursday, Strategy MSTR.O, led by Michael Saylor, may be removed from MSCI’s global stock index, threatening billions of dollars of passive investments received by the Bitcoin buyer.

As the world’s largest corporate Bitcoin holder and a component of both the MSCI US Index and the MSCI World Index, Strategy’s share price fell 2.7% in pre-market trading on Friday.

MSCI announced on Thursday that as part of the November index review, from the close on November 30, non-operating companies will no longer be eligible for inclusion in its “Global Investable Market Index.” The final list of affected companies will be announced on November 11.

This decision by MSCI stemmed from a review initiated a year ago (link), when MSCI cited digital asset holding companies as being similar to investment funds already excluded from the index, and proposed their removal. MSCI (link) postponed the plan in January this year and carried out a broader review targeting all non-operating companies.

MSCI defines non-operating companies as investment funds, business development companies, and firms that appear to belong to this category due to their financial status.

Strategy and Japan’s Metaplanet 3350.T are both on MSCI’s potential removal list. SharpLink SBET.O and several other crypto finance companies are on the watchlist and may be removed.

This adjustment aims to expand MSCI’s exclusion of passive investment tools, requiring companies to meet financial test criteria for operating assets in order to retain inclusion.

Being included in the index is crucial for companies like Strategy because investors in passive funds and other benchmark trackers have to hold their shares.

Strategy did not immediately respond to Reuters’ request for comment outside business hours.

The company warned last year that if removed, it could lead to $2.8 billion in stock liquidations (link), and would create a “chilling effect” for the entire industry.

Strategy pioneered the model of raising funds through selling shares and bonds to purchase Bitcoin. As of Thursday’s close, its market capitalization was about $64.3 billion. In 2026, its share price was roughly unchanged.

(To facilitate non-English speakers, Reuters automatically translates its reports into several other languages. Since automated translation may be inaccurate or lack required context, Reuters does not guarantee the accuracy of automated translation, which is provided solely for reader convenience. Reuters bears no responsibility for any damage or losses resulting from use of the automated translation function.)