Key Insights
- Strategy stock fell 6.26% to $114.17 in pre-market trading after MSCI confirmed its removal.
- MSTR stock faces selling pressure as MSCI index funds must sell their shares after November 30.
- Bitcoin price held near $73,540 despite the MSCI decision affecting Strategy and other crypto firms.
Strategy stock fell 6.26% in pre-market trading on Thursday after MSCI confirmed its removal from global indexes. MSTR stock dropped to $114.17 from Wednesday’s $122.35 close. The change takes effect after November 30, when funds tracking the affected MSCI indexes will have to sell their own shares.
Why MSCI Is Removing Strategy Stock?
MSCI announced the decision on Wednesday, November 11. The index provider said Strategy no longer meets its rules for companies included in its global stock indexes. The issue is how Strategy makes up its business. Although the company still sells software, most of its value comes from Bitcoin. It holds 850,364 BTC, or about 4% of the total amount of Bitcoin that can ever exist.
MSCI now has a separate review for companies it considers non-operating businesses. It first checks whether a company has substantial assets used in daily operations. Those that do not meet that requirement face five financial tests. A company can lose its place in the indexes if it fails four of them.
Strategy had opposed the proposed changes before Wednesday’s announcement. It argued that standard accounting rules do not clearly define operating and non-operating companies.
After the decision, the company called MSCI’s approach discriminatory, arbitrary and misguided. It also asked the index provider to withdraw the rule.
The change has consequences for funds that follow MSCI indexes. Those funds will need to sell the shares they hold when Strategy leaves the indexes after November 30. The report did not say how many shares may be sold.
The stock had ended Wednesday’s regular session at $122.35, up 1.06%. However, the pre-market quote on Thursday showed a fall of over $8, putting Strategy stock at $114.17.
MSTR Stock Declines as Other Companies Face Removal
The fall was also visible outside regular US trading hours. On Hyperliquid, a contract tracking MSTR stock traded at $117.09 on Thursday morning. That was down 4.3% and marked its lowest level since August 23, 2026.
Strategy is not the only company being removed. Japan’s Metaplanet and US company Upexi are also affected. Metaplanet shares had fallen 3.4% since Tuesday, according to the report.
SharpLink, which holds Ether, is on MSCI’s watch list. The new rules also apply beyond cryptocurrency companies. Yellow Cake, a company focused on uranium investments, is being removed as well.
MSCI first proposed a different approach in October 2025. At the time, it considered excluding companies with cryptocurrency holdings worth at least half their assets. That plan was dropped in January 2026. MSCI then opened another consultation in August and completed the new rules in October, 2026. Strategy was marked for removal on November 11.
Bitcoin Price Holds Up Better Than Shares
Bitcoin saw a smaller price change following the news. It traded at about $73,540 on Binance on Thursday morning, down 0.4% over the previous 24 hours.
The MSCI decision concerns Strategy stock held by index funds. It does not require the company to sell Bitcoin from its reserves. That helps explain why the immediate reaction was stronger in the stock than in Bitcoin itself.
Investors will now watch what happens when the removal takes effect at the end of November. The amount of selling by index funds remains unknown. For Strategy, the question is whether demand for its shares will recover after those funds have completed their sales.
For now, there is no confirmed figure for the number of shares affected. The November review will therefore be an important date for shareholders, although MSCI has already announced its final decision on Strategy.
