Key Takeaways
- • MSCI will remove Strategy (MSTR), Metaplanet (3350) and Yellow Cake (YCA) from its MSCI USA and MSCI World indices effective 1 December 2026, according to Reuters reporting cited by IDNFinancials.
- • MSCI determined that Strategy and several other companies have characteristics more closely resembling investment funds than operating companies, placing them outside its benchmark eligibility criteria.
- • JPMorgan estimated potential outflows from Strategy shares could reach USD 8.8 billion if other index providers followed MSCI's move.
- • Strategy shares fell 2.5% in after-hours trading on Wednesday (11/11), and are down roughly 20% year to date while bitcoin has declined 15%.
- • Strategy had previously warned that index removal could trigger USD 2.8 billion in share liquidations.
Summary
Morgan Stanley Capital International (MSCI) will remove Strategy (MSTR), the bitcoin-accumulating company led by Michael Saylor, from its global indices, according to a Reuters report cited by IDNFinancials. MSCI made the decision after determining that Strategy and several other companies have characteristics more closely resembling investment funds than operating companies. The exclusion applies to companies whose profile does not match primary operating activities, following a broader review that began with a proposal last year to exclude digital asset treasury companies holding cryptocurrencies accounting for at least 50% of total assets.
Beyond Strategy, MSCI will also remove Metaplanet (3350), a Japanese bitcoin accumulator, and Yellow Cake (YCA), a UK-based company that buys and stores uranium. All three will be excluded from the MSCI USA and MSCI World indices starting 1 December 2026. None of the companies responded to Reuters' requests for comment.
Strategy shares fell 2.5% in after-hours trading on Wednesday (11/11). Year to date, the stock has declined by around 20%, while bitcoin has fallen 15%. Strategy pioneered the digital asset treasury model, relying on debt issuance and new share offerings to finance its bitcoin purchases, a structure that makes its share price highly sensitive to crypto price swings.
Index removal could intensify selling pressure, since passive funds and index-tracking investors must adjust portfolios to match benchmark composition. JPMorgan previously estimated that outflows from Strategy shares could reach USD 8.8 billion if other index providers followed MSCI's move. Strategy had earlier warned that removal from the indices could trigger USD 2.8 billion in share liquidations and hamper the development of the digital asset treasury industry.
Beyond Strategy, MSCI will also remove Metaplanet (3350), a Japanese bitcoin accumulator, and Yellow Cake (YCA), a UK-based company that buys and stores uranium. All three will be excluded from the MSCI USA and MSCI World indices starting 1 December 2026. None of the companies responded to Reuters' requests for comment.
Strategy shares fell 2.5% in after-hours trading on Wednesday (11/11). Year to date, the stock has declined by around 20%, while bitcoin has fallen 15%. Strategy pioneered the digital asset treasury model, relying on debt issuance and new share offerings to finance its bitcoin purchases, a structure that makes its share price highly sensitive to crypto price swings.
Index removal could intensify selling pressure, since passive funds and index-tracking investors must adjust portfolios to match benchmark composition. JPMorgan previously estimated that outflows from Strategy shares could reach USD 8.8 billion if other index providers followed MSCI's move. Strategy had earlier warned that removal from the indices could trigger USD 2.8 billion in share liquidations and hamper the development of the digital asset treasury industry.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.