MSCI is advancing a proposal that could remove Strategy, a company heavily weighted in Bitcoin, from its global equity benchmark.
The index provider stated on Thursday that it will "implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Index."
Strategy, this Bitcoin treasury company, had previously strongly criticized the idea, calling it "misleading" and "flawed."
The statement reads: "MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Index, as outlined in the consultation paper announced on August 3, 2026, with minor modifications."
The related changes will be implemented as part of the November 2026 index review and will take effect after the close on November 30, 2026.
MSCI’s decision will not immediately remove Strategy from its global investable market index, but future reviews could ultimately result in the company being excluded from the index.
If the Strategy is truly removed from the index, it means that institutional investors who are able or willing to hold this stock will decrease.
Strategy has not immediately commented on MSCI’s decision. The company previously stated in August regarding the proposal: “Bitcoin doesn’t need MSCI. Strategy doesn’t either.”
In 2025, MSCI proposed excluding companies whose digital asset holdings account for 50% or more of their total assets from its indices.
Strategy—formerly MicroStrategy—is an enterprise software company that shifted to buying and holding Bitcoin in 2020.
The company initially purchased this cryptocurrency to protect shareholders, but has since actively increased its holdings and is now the largest corporate Bitcoin holder, with 848,250 BTC, valued at $69.2 billion at current prices.
Investors can gain increased exposure to Bitcoin’s price by purchasing MicroStrategy’s stock (MSTR), listed on Nasdaq.
On Friday, Strategy's stock listed on Nasdaq fell more than 6%.