Strategy CEO Phong Le addressed MSCI's plan to remove the company from its USA Index and global benchmarks, stating the exclusion would have limited practical impact on the business.
MSCI announced the removal will take effect after November 30, 2026, following eligibility rules adopted in October 2026 that target what MSCI classifies as "non-operating companies." Strategy falls under this classification according to MSCI's standards.
Le's primary argument centered on scale. He noted that MSCI-linked index funds hold approximately 3% of Strategy's outstanding shares, suggesting forced selling from index trackers would represent a manageable portion of total shareholder activity.
Le characterized the decision as discriminatory toward digital assets and argued that corporate Bitcoin holdings should be treated as operating assets rather than a basis for exclusion. He compared the treatment unfavorably to how traditional resource companies are assessed.
Le identified a potential downside risk: if other index providers adopt similar exclusion policies, passive outflows could reach approximately $2.8 billion. However, he maintained that Strategy's liquidity would remain robust in the near term and that the exclusion creates no immediate operational obstacles.
Strategy is the largest publicly listed corporate Bitcoin holder, having begun its corporate Bitcoin treasury strategy in 2020. As of early November 2026, the company held 850,364 BTC acquired at an average price of $75,456 per Bitcoin.
