MSCI is scheduled to publish the final results of its November index review on November 11, determining whether Strategy and other firms with heavy investment holdings remain eligible for its Global Investable Market Indexes. The outcome carries significant weight for Strategy, the largest corporate Bitcoin holder, as exclusion could prompt substantial selling by passive funds that track the benchmarks.

The index provider adopted updated eligibility rules on October 15 that target companies whose financial profiles resemble investment vehicles more than traditional operating businesses. These rules replace earlier interim restrictions on firms with digital asset holdings exceeding 50 percent of total assets. Any confirmed changes take effect after the market close on November 30.

How the New Screening Rules Work

MSCI’s methodology begins with a core assessment of whether an issuer maintains substantial operating assets. Companies that fail this initial test face evaluation against five financial ratios covering assets, expenses, operating cash flow, fair-value exposure, and reliance on external financing. Failure on at least four of the five ratios can render a security ineligible.

Current index constituents receive a buffer: removal occurs only if the company fails the screen across each of its two most recent annual filing periods. Non-constituents can be blocked after failing in either period. Exact thresholds appear in the methodology appendix. The framework applies uniformly and is not limited to cryptocurrency-related firms.

Strategy has indicated in its own disclosures that it expects its Class A common stock to be excluded under the revised criteria. Its balance sheet is dominated by Bitcoin holdings, with the software operations representing a much smaller share of total assets. Other names previously identified in simulations or watchlists include Japan’s Metaplanet and uranium investment firm Yellow Cake.

Potential Scale of Passive Fund Selling

Analyst estimates center on the volume of shares held by funds that track MSCI indexes. Strategy previously disclosed that such funds held roughly 13 million of its shares, or about 3.1 percent of basic shares outstanding. At the November 10 closing price of $121.07, those holdings were valued near $1.57 billion.

JPMorgan analysts have estimated that exclusion could trigger approximately $2.8 billion in selling from MSCI-tracking funds. That figure was calculated against earlier versions of the proposal and remains an estimate rather than an official projection. Some analysis has raised the possibility of larger outflows if other major index providers adopt comparable restrictions.

Passive funds would adjust holdings around the November 30 effective date. The actual volume of selling will depend on precise fund exposures, rebalancing mechanics, and the degree to which the outcome has already been priced into the market. Strategy shares closed at $121.07 on November 10, down roughly 17 percent from $145.16 on October 28.

Company Response and Ongoing Bitcoin Activity

Strategy has continued its Bitcoin acquisition program despite the stock’s recent decline. The firm reported purchasing an additional 1,036 BTC in early November, bringing total holdings to 850,364 BTC as of November 8. It simultaneously repurchased approximately $188.3 million of its STRC preferred shares, funding both activities in part through sales of common stock.

Earlier commentary from Executive Chairman Michael Saylor and CEO Phong Le described prior versions of MSCI’s approach as discriminatory toward digital asset treasury companies. Strategy has maintained that index exclusion would have no meaningful impact on its underlying business operations. Removal would not require the company to sell any Bitcoin; the direct effect would fall on passive holders of the equity.

Market participants have noted that a sustained drop in the share price could complicate future equity raises used to finance additional Bitcoin purchases. At the same time, commentators have argued that much of the potential selling pressure may already be reflected in recent price action, limiting the likelihood of an existential threat to the company’s model.

Timeline and What Follows the Announcement

MSCI plans to release the final list of affected companies shortly after 11 p.m. Central European Time on November 11. The list will confirm which issuers are added or deleted under the new non-operating company screen as part of the November 2026 Index Review.

Investors will watch three immediate points after the announcement: whether Strategy appears on the deletion list, which other crypto treasury or investment-heavy firms are included, and how index-tracking funds manage the subsequent rebalance. The decision represents a notable test of how major equity indexes treat companies whose assets are concentrated in digital holdings rather than traditional operating businesses.