Strategy, the world's largest corporate holder of Bitcoin, is awaiting a decision today that could remove its shares from MSCI's global equity indexes, in what would be the biggest test yet for companies built around holding the cryptocurrency.

MSCI is due to publish the final list of companies affected by its November index review late today, with the results expected at 23:00 CET. Strategy said in its third-quarter filing with the US Securities and Exchange Commission that its Class A common stock is expected to be removed from the MSCI Global Investable Market Index in November 2026.

What MSCI decided and why it matters

The index provider adopted new rules on 15 October that make so-called non-operating companies ineligible for its global indexes. Firms that mostly hold investments, rather than running a conventional business, can be excluded if they fail a screen for substantial operating assets and then fail four of five financial-ratio tests.

When MSCI ran the test on May 2026 data, Strategy was the largest of three companies it deleted in the simulation, alongside Japan's Metaplanet and London-listed Yellow Cake. Existing index members are only removed after failing the screening in each of their two latest annual filing periods.

JPMorgan analysts have estimated that removing Strategy could prompt about $2.8 billion of selling by funds that track MSCI indexes. Strategy disputes the scale of the impact, saying funds tracking the indexes hold about 13 million of its shares, or 3.1 per cent of its basic shares outstanding, which it describes as less than one day of trading volume.

Bitcoin below Strategy's average cost

The verdict lands while Bitcoin itself is under pressure. The cryptocurrency traded at about $73,774 on Wednesday, below Strategy's average purchase cost of $75,456, after hot US inflation data hardened expectations of a Federal Reserve rate rise in December.

Strategy disclosed on 9 November that it held 850,364 Bitcoin as of 8 November, bought at an aggregate cost of about $64.16 billion. Its shares closed at $121.07 in the latest session, down 3.6 per cent on the day, and have fallen sharply from their record high of $543 in November 2024.

Any removal would take effect after the close of trading on 30 November and be formally implemented on 1 December. Importantly for Bitcoin holders, forced selling would hit Strategy's shares, not its Bitcoin: index funds would sell the stock, and nothing in the rules requires the company to sell its cryptocurrency. Removal from an MSCI index is also not a delisting from Nasdaq, where the shares will keep trading.

Metaplanet, the Japanese bitcoin treasury firm, faces the same risk. The final list will show whether MSCI follows through on its simulation, or whether either company secures a reprieve.

Sources: CoinDesk, KuCoin