MSCI Rules Today on Cutting Strategy (MSTR) From Its Indexes After a Draft List Marks It Deleted

MSCI will say Wednesday evening whether Strategy stays in its global stock indexes, after its own potential list already marked the largest corporate bitcoin holder as Deleted.

The index provider publishes its November 2026 Index Review shortly after 5 p.m. ET. MSCI said on Oct. 15 that the review would carry the final list of current constituents hit by the new screen, with any deletions taking effect at the close of Nov. 30.

MSCI’s list of potentially impacted securities, published with the Oct. 15 decision and built on Sept. 30 financial data and Oct. 9 market values, already marks five companies as Deleted: Strategy (MSTR), uranium holder Yellow Cake, Japan’s Metaplanet, Iceland’s Skel Fjárfestingafélag and micro-cap Upexi.

Strategy is the only large-cap name in the group and by float-adjusted market value accounts for more than 90% of the five. The company held 850,364 bitcoin as of Nov. 8, acquired at an average price of $75,456 a coin.

The rule does not mention bitcoin. MSCI first checks whether a company’s operating assets exceed 50% of total assets. Issuers that fail face five financial ratios, and a company flagged on four or more of them is ineligible for the MSCI Global Investable Market Indexes.

Buffers limit turnover. A company outside the indexes cannot be added if it fails the screen in either of its two most recent annual filing periods, but a current constituent is removed only if it fails in each of them. MSCI said it may also use the most recent interim filing.

That two-filing test is the question hanging over Strategy. It adopted fair-value accounting for its bitcoin at the start of 2025, so its fiscal 2024 statements carried the coins at cost less impairment, and MSCI has not said how it treats that earlier year. A Deleted mark implies MSCI’s draft reading is that Strategy already failed both periods, but it has not published the inputs behind that placement.

Strategy has argued that it reports its bitcoin treasury as an operating segment and books related gains and losses in operating expenses.