Strategy will be removed from MSCI indices as of November 30 - What does this mean?

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The date was set as an ultimatum last October by the stock market giant MSCI following the result of a consultation launched this summer: Bitcoin treasury companies like Strategy - but also the Japanese Metaplanet - will disappear from its indices due to their classification as "non-operational companies".

A decision confirmed this Wednesday, November 11, as part of the MSCI index revision procedure which now bears the mention “Deleted”, the effective implementation of which must take place on November 30. An exclusion that Michael Saylor's company did not fail to describe as "discriminatory", because it would not be based on "any basis in US GAAP standards, IFRS standards nor in any recognized legal framework".

In any case, the countdown to this procedure is well and truly underway, with the first repercussions being a liquidation estimated at $2.8 billion according to JPMorgan analysts. A figure which could even rise to $8.8 billion if other index providers followed MSCI, which however remains to be confirmed in practice.

An amount put into perspective by the managers of Strategy, who explained last August that “the funds replicating the MSCI indices only hold 3.1% of the basic shares in circulation”, the equivalent of a day's volume.

Nothing to panic investors, since the MSTR share price has increased by just over 1% over the last 24 hours. But this is not really surprising since the information has already been known for several weeks, while its price has fallen by 20% over the last thirty days, and by more than 70% since its peak in July 2025 at $435.

But the real game will probably be played elsewhere. Indeed, even if this exclusion from the MSCI indices does not call into question the listing of the MSTR share on Nasdaq and does not force the company to sell its BTC, this could have a notable impact on its Bitcoin purchase strategy, already largely slowed down in recent weeks.

Indeed, Strategy finances its purchases of BTC with issues of MSTR shares and “digital credits”, in the form of preferred shares like STRC backed by its stock of Bitcoin. A strategy which directly depends on the effective demand for these securities. However, as early as November 2025, JPMorgan analysts warned that exclusion from MSCI indices would be poorly received by the market and could revive doubts about the cost and ability of Strategy to raise equity and debt.

Bitcoin: Strategy sells another 1,690 BTC, here’s why

However, the main indicator to watch remains mNAV, which compares the company's capitalization to the value of the BTC it holds. A unit of measurement which must remain above 1 - currently estimated at 1.08 on the Strategy website - in order to make the issuance of shares to buy BTC accretive, since the number of BTC per share increases despite dilution.

The risk? A new depeg of STRC below the fateful level of 100 dollars, due to a loss of market confidence, which would once again weaken Strategy's ability to buy more BTC. And if the company decides to relaunch a buyback operation to raise its price, these funds will not be used to buy BTC either.

To invest in Nasdaq-listed MSTR stock, you can go through a broker like Trade Republic.

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