MSCI has listed Strategy Inc.’s Class A shares for removal from the MSCI USA Index after trading Nov. 30, a change that could affect the company’s ability to finance Bitcoin (BTC) purchases.
The rule has two stages. MSCI first checks whether an issuer has substantial operating assets; companies that fail that test then face a review of five financial ratios, with four or more flags making them ineligible. For a current member to be removed, it must fail the screen in each of its two latest annual filing periods. MSCI’s methodology also allows it to use an issuer’s latest interim filing when available. The broader screen replaces temporary measures announced in 2025 for companies whose digital-asset holdings made up at least 50% of total assets.
Strategy expected the deletion. In a Nov. 2 filing with the Securities and Exchange Commission, the company said index-tracking investors might reduce their holdings or buy fewer shares. Strategy warned that weaker demand could affect its stock price and liquidity and make it harder to raise capital.
That risk intersects with Strategy’s funding model. The company sells shares through an at-the-market program and may use proceeds to acquire Bitcoin. It reported holding 848,517 BTC, valued at $68.27 billion, as of Oct. 25. From Oct. 1 through Oct. 25, Strategy sold 400,000 Class A shares through the program for about $58.69 million in net proceeds.
Strategy disputes MSCI’s non-operating-company classification. In its response to MSCI’s consultation, the company said its Bitcoin business is reported as an operating segment under U.S. accounting rules. MSCI’s public materials do not identify which individual ratios Strategy failed.
MSCI’s November constituent list includes Strategy’s Class A shares among the deletions. The review changes are scheduled to take effect at the close of trading Nov. 30.
