Strategy Inc., is facing a major test. Leading index provider MSCI is reviewing new rules that could remove the company from the MSCI USA Index. This change could block Strategy from receiving nearly $9 billion in passive investment flows.
Why MSCI Is Reviewing Bitcoin-Heavy Companies
MSCI started a formal consultation in September 2025. The goal is to decide how to classify companies that hold large digital-asset positions on their balance sheet.
According to MSCI’s official proposal:
- Companies may be excluded if digital assets make up 50% or more of total assets.
- Firms where digital assets form the main business activity may no longer qualify for equity index inclusion.
MicroStrategy’s $9B Index Exit Countdown
MicroStrategy will be deleted from major indices on January 15, 2026, triggering about $9B in forced selling as index funds must unload the stock. MSCI’s rule caps crypto exposure at 50%—MicroStrategy is at 77%, driven by its 649,870 BTC stash worth $57B.
Saylor’s strategy—buy Bitcoin, boost the stock, raise more money, repeat—helped raise $20B and once gave MSTR a 2.5× premium over its BTC. That premium has collapsed to 1.11×, as the market already prices in the removal. Tesla and Block stay safe under the 50% limit; MicroStrategy crossed it and now faces automatic exile.
Why MicroStrategy Is at Risk
Strategy Inc. currently holds 649,870 Bitcoin at an average purchase price of $74,430 per BTC. This means its break-even price is roughly the same.
Here are the latest numbers:
- Market Cap: $51 billion (basic) / $57 billion (fully diluted)
- Enterprise Value: $66 billion
- Bitcoin Holdings: Largest among listed companies worldwide
As Bitcoin trades under pressure, the company’s asset mix makes MSCI’s review especially important.
What Michael Saylor Says About the MSCI Threat
MicroStrategy founder Michael Saylor responded strongly to the discussion. He argued that Strategy is not a passive Bitcoin vehicle, but a real operating business with an active capital-markets strategy.
Saylor explained that:
- Strategy is not a fund, trust, or holding company.
- The firm runs a $500 million software business.
- It uses Bitcoin as “productive capital,” not idle inventory.
- In 2025, the company completed five digital credit security offerings — STRK, STRF, STRD, STRC, and STRE — totaling $7.7 billion in notional value.
- It launched Stretch (STRC), a Bitcoin-backed credit instrument that offers variable USD yield to investors.
Saylor says Strategy is building a new type of enterprise — a Bitcoin-backed structured finance company with active innovation in software and capital markets.
Why This Matters for Investors
JPMorgan issued a note warning that Strategy may lose its place in major equity indices, including the MSCI USA Index, which represents about 85% of the US stock market. Being removed could reduce trading liquidity and reduce passive fund ownership.
If the proposed MSCI rule is approved, Strategy could lose billions in index-tracked inflows. This makes the consultation outcome highly important for shareholders, Bitcoin investors, and market analysts.
Key Questions Answered
Why could MicroStrategy be removed from MSCI indices?
Because MSCI may exclude companies where digital assets represent 50% or more of total assets.
How much Bitcoin does MicroStrategy hold?
It holds 649,870 BTC at an average cost of $74,430.
How big is the risk?
Up to $9 billion in passive inflows could disappear if the company is removed from MSCI indices.
What does Saylor say?
He says Strategy is an operating company with a software business and active financial innovation — not a passive Bitcoin fund.
Conclusion
The MSCI review could reshape how global markets treat Bitcoin-focused companies. For MicroStrategy, the outcome may affect billions in capital flows. For investors, this is one of the most important regulatory developments to watch in the digital-asset space.
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