MSCI confirmed the removal of Strategy Inc. (Nasdaq: MSTR) from its USA Index on November 11, with the deletion taking effect after the close of business on November 30, 2026. Strategy joined 23 other stocks on the deletion list, including Carlyle Group and Iren, while Moderna was the sole addition to the benchmark that tracks large and midsize U.S. companies.
The exclusion followed MSCI's October 15 decision to expand its non-operating company exclusion criteria. Under the new framework, companies undergo assessment of whether they have substantial operating assets. Those that fail this initial screen face five financial tests covering assets, business expenses, cash flow, investment value changes, and reliance on outside funding. A company becomes ineligible if it triggers four or more of these flags.
Strategy challenged MSCI's classification during the consultation period, arguing that the methodology targeted digital asset treasury companies. The company maintained that its bitcoin treasury operations constitute an operating segment under U.S. accounting standards and that MSCI's approach lacked grounding in recognized accounting frameworks.
According to MSCI-related holding estimates, funds tracking the benchmark held approximately 13 million Strategy shares, equivalent to 3.1% of the company's basic shares outstanding. JPMorgan's November 2025 estimate projected potential MSCI-related selling at approximately $2.8 billion from the index change.
