Key Takeaways
- MSCI will remove Strategy from its USA Index after the Nov. 30 close, exposing MSTR to index-related selling.
- A weaker share price could complicate equity-funded Bitcoin purchases, but removal does not require BTC sales.
- Saylor’s earlier $21 million Bitcoin forecast contrasts with the immediate financing challenge.
Michael Saylor’s Strategy faces the loss of a source of passive investment after MSCI confirmed the removal of its holdings from a major equity benchmark, raising questions about whether pressure on its shares could spill over into demand for Bitcoin.
The November 11 review removed Strategy from the MSCI USA Index and Metaplanet from the MSCI Japan Small Cap Index after the Nov. 30 close.
As Strategy raises capital to accumulate BTC, the removal could mean weaker demand for its shares and complicate funding for future purchases.
That raises concerns about the financing model behind one of Bitcoin’s most prominent corporate buyers — even as Saylor’s earlier forecast envisages a $21 million coin by 2046.
Strategy Puts MSCI-Linked Holdings at 13 Million Shares
Funds that replicate the affected MSCI indexes will need to adjust their portfolios to reflect Strategy’s removal, potentially triggering a wave of selling around the rebalance.
The scale of that exposure is significant, although Strategy has previously argued that its shares trade in sufficient volume to absorb the change.
In its earlier consultation response, the company estimated that funds tracking MSCI’s Global Investable Market Indexes held approximately 13 million MSTR shares, equivalent to 3.1% of its basic shares outstanding.
Strategy said those holdings represented roughly 60% of its cited 30-day average daily trading volume — less than a typical day’s turnover.
Earlier Objections Failed to Prevent Removal
Strategy challenged MSCI’s approach before the final decision.
In a letter signed by Saylor and CEO Phong Le, the company called the consultation “discriminatory, arbitrary, and misguided.”
Strategy’s published consultation response also maintained:
“This proposal would not meaningfully affect Strategy.”
The dispute centered on whether companies with large investment holdings should qualify for benchmarks designed to represent operating businesses.
MSCI’s final methodology uses an initial assessment of substantial operating assets, followed by five financial ratios for issuers that fail that first screen.
A security becomes ineligible if it is flagged on at least four ratios.
Existing constituents face removal if they fail the exclusion screen in both of their two most recent annual filing periods.
Could MSTR Selling Put Pressure on Bitcoin?
The potential connection runs through financing.
If index-related selling lowers MSTR’s share price, Strategy could receive less cash from issuing the same number of new shares.
Depending on its valuation and financing alternatives, that could make further equity-funded Bitcoin purchases less attractive.
Slower accumulation would also mean less demand from Strategy.
Could the Index Exit Undermine Saylor’s $21M Bitcoin Vision?
Strategy’s immediate financing challenge contrasts with Saylor’s much longer investment horizon.
As CCN previously reported, the Strategy executive chairman has outlined a $21 million Bitcoin target, built around his expectations for institutional adoption and the cryptocurrency’s limited supply.
Speaking at BTC Prague in June 2025, Saylor said:
“I think we’re going to be $21 million in 21 years.”
That places the target in 2046, but the valuation would remain enormous.
At Bitcoin’s maximum supply of 21 million coins, a $21 million price implies a fully diluted valuation of around $441 trillion.
Reaching that level would require a massive expansion in Bitcoin’s role within global finance, far beyond continued buying by Strategy alone.
MSCI’s decision does not, by itself, invalidate Saylor’s forecast.
However, it could test companies raising capital from stock-market investors to purchase BTC.
If sustained pressure on MSTR makes equity issuance less attractive, Strategy could face tougher choices over how quickly to expand its holdings.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
