Bitcoin: MSCI confirms the release of Strategy from its indices on November 30

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The filter adopted on October 15 has therefore found its target. You knew the rule, here are the names: five other companies are leaving with Strategy and nineteen are coming under surveillance.

The file dropped at 11:23 p.m. Paris time, a little over an hour after Wall Street closed. MSCI is applying its test on non-operational companies for the first time. The balance sheet of these companies resembles that of a fund more than that of a company that produces.

Six titles are deleted. The amounts correspond to their floating capitalization as of October 20, i.e. the portion of shares actually available for purchase.

Strategy alone therefore accounts for approximately 93% of the $40 billion withdrawn. Its exit from MSCI USA leads to that of MSCI World and ACWI, which include the American values ​​of this index.

Nineteen other companies remain in the indices but move to watchlist. There we find the Ethereum treasury Sharplink, TON Strategy, Sui Group, Solana Company or DeFi Development. As provided for in MSCI's October 15 announcement, a current member is only removed if it fails the filter over its last two annual financial years.

And the door doesn't close forever. A non-index company can return if it passes the test over its last two financial years. Strategy is far from it. His 850,364 BTC, purchased for $75,456 each on average according to his November 8 count, account for most of his balance sheet.

The funds that replicate these indices have no choice. They must have sold their Strategy shares at the close of November 30, most often during this last session.

How much ? The figure of 2.8 billion dollars, repeated everywhere last night, does not come from MSCI. This is an estimate from JPMorgan published in November 2025. The bank calculated it based on MSCI's first proposal, which targeted companies holding at least 50% in digital assets. It rose to $11.6 billion if FTSE Russell and S&P Dow Jones adopted a comparable filter. MSCI has not published any figures.

Michael Saylor and Phong Le put forward their own order of magnitude. Their letter of August 31 put the share of funds that track these indices at 3.1% of stocks. This represents less than a day's volume, according to them.

The market has also shrugged its shoulders. MSTR closed Wednesday at $122.35, up 1.06%, then fell 1.51% to $120.50 after the listing was released.

The true cost cannot be seen in the November 30 sale. Strategy’s model relies on issuing stocks and convertible bonds to purchase bitcoin. However, passive funds absorbed part of each issue. MSCI had already cut off this tap in January by freezing the number of Strategy stocks taken into account. This freeze disappears with the November review. For Strategy, it leaves room for zero MSCI index buyers. No bitcoin sales are imposed on the company, which remains listed on Nasdaq.

On the French side, Capital B is also on MSCI's watch list, with $67.8 million in floating capitalization. The Paris-listed company is targeting 15,000 BTC by the end of 2027. It takes the Strategy recipe step by step, the model that MSCI no longer wants in its indices.

Falling down the white rabbit hole in 2017, I went from avid reader to Editor-in-Chief of Journal du Coin. I like to get involved behind the scenes of projects to bring my vision of a decentralized future. A lover of beautiful letters, I coordinate our teams to transform technical complexity into human, precise information without unnecessary jargon. Between entrepreneurship and writing, my mission is clear: popularize tomorrow, but do it today.

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Machine-translated from French