TLDR
- MSCI confirmed it will delete Strategy from its USA Index after the Nov. 30 close.
- Strategy stock fell 2.6% to $119.06 in after-hours trading Wednesday.
- Metaplanet and Upexi are also marked for deletion, while Sharplink is on a watchlist.
- JPMorgan estimated the exit could trigger about $2.8 billion in selling.
- Strategy says MSCI-linked funds hold about 13 million of its stock, or 3.1% of the total.
Strategy (MSTR) stock slipped 2.6% to $119.06 in after-hours trading on Wednesday. The drop followed MSCI’s confirmation that it will remove the Bitcoin treasury firm from its indexes.
MSCI’s final November review lists “STRATEGY A” with the action “Deleted.” The change takes effect after the close on Nov. 30.
Another report put the after-hours dip at 1.65%. Reports differ on the exact move.
MSCI to Remove Strategy and Metaplanet From Indexes, Potential MSTR Outflows Could Reach $8.8B
According to Reuters, MSCI will remove Strategy (MSTR), Japan's Bitcoin treasury firm Metaplanet, and UK-based uranium investment company Yellow Cake from its global indexes, effective… pic.twitter.com/QwBEot3XUt
— Wu Blockchain (@WuBlockchain) November 11, 2026
Strategy leaves the MSCI USA Index. Metaplanet exits the Japan Small Cap Index on the same date.
Upexi is also marked for deletion. Sharplink, an Ether treasury firm, was not among the deletions and sits on a watchlist.
What MSCI’s New Rules Look At
MSCI adopted new eligibility rules for non-operating companies last month. They weigh a company’s operating assets and five financial measures.
The rules replace temporary limits on firms that held at least half their assets in crypto. Companies that fail the screen for their two latest annual filing periods face removal.
MSCI’s review documents gave no company-specific reasons. The removals were mostly expected.
Metaplanet closed Wednesday down 2.53% at 231 yen in Tokyo. That was before MSCI published its list.
The Numbers Behind the Exit
Funds that track the affected benchmarks may sell these stocks. That would take away one source of passive demand.
JPMorgan estimated in October that Strategy’s exclusion could trigger about $2.8 billion in selling. Cointelegraph reported that figure at the time.
Strategy points to a much smaller number. It says MSCI-linked funds hold about 13 million of its stock.
That equals 3.1% of its basic outstanding stock, the company said. It is also less than one day of trading volume.
Strategy opposed the plan from the start. Executive Chairman Michael Saylor and Phong Le called the treatment of digital asset treasuries “discriminatory.”
In a September letter, the company said exclusion would not hurt its business. It argued the move would damage MSCI’s image as a neutral index provider.
The company also said the proposal repackaged an earlier MSCI effort to exclude digital asset treasury firms. It said that effort injected policy judgments into index construction.
Strategy stock stood at $119.06 after hours on Wednesday. The removals take effect after the Nov. 30 close.
