MSCI Deletes Strategy From Indexes on November 30, 2026

By Tom Whitfield

MSCI will remove Strategy A from the MSCI USA Index and related MSCI ACWI All Cap and Frontier Markets IMI indexes at the close on November 30, 2026, according to its November 11 final list. Strategy alone represents $37.26 billion, or 93.15%, of the $40.00 billion float-adjusted market capitalization covered by six deletions.

MSCI’s 25-name final list has six deletions and 19 watchlist companies. It used financial information dated September 30, 2026 and market capitalizations and a price cutoff dated October 20, 2026.

How large is the affected float?

MSCI’s file puts Strategy’s issuer market capitalization at $40.06 billion and its float-adjusted capitalization at $37.26 billion, a 93.0% float factor that leaves 7% non-float. The other five deletions total $2.74 billion, making Strategy 13.6 times their combined value. The watchlist totals $1.54 billion, about 4.1% of Strategy’s figure.

Why does MSCI screen holding companies?

MSCI’s methodology starts with “an initial core screen to determine whether an issuer is a company with substantial operating assets.” A second stage scores five industry-neutral financial ratios. MSCI says “a security will be ineligible for index inclusion if it is flagged on four or more of the five ratios.”

MSCI does not disclose which ratios caught Strategy or explain individual standard-file entries. Strategy’s appearance in both documents is consistent with a non-operating-company removal, but MSCI does not state that cause line by line; IREN’s deletion may have a different basis.

Constituents leave only after failing in each of their two most recent annual filing periods. Non-constituents cannot join if they fail either period. The 19 watchlist companies retain their places unless a second consecutive failure triggers removal. The screen therefore uses balance sheets already public when MSCI ran it.

MSCI’s October 15 announcement said interim measures announced on October 10, 2025 would end with the November 2026 review. They applied to companies whose digital assets represented at least 50% of total assets. They froze share counts and foreign and domestic inclusion-factor increases, and deferred additions and size-segment migrations. From December, the general screen governs eligibility.

What changed from the August consultation?

The August consultation contained 22 names: five deletions and 17 watchlist companies. The final list has six deletions and 19 watchlist names. The shifts show that the screen remains active between consultations.

• Agronomics entered as a deletion.
• Enlivex and GD Culture left the watchlist.
• BNB Standard, StreamEX Corp, APG Securities and Quantum Solutions entered the watchlist; BNB Standard, the largest addition, carries $153.8 million of float-adjusted value.

Which indexes are changing?

The November 11 standard file has 24 MSCI USA deletions and one addition, Moderna. MSCI USA supplies the American sleeve of MSCI World and MSCI ACWI, so Strategy’s removal extends to both broader benchmarks. The deletions were:

• Annaly Capital Management; AST SpaceMobile A; Carlyle Group; Charter Communications A (new); Cooper Companies; Corteva; Deckers Outdoor; Dicks Sporting Goods; Fabrinet; Flutter Entertainment (US); FNF Group; Gen Digital; IREN; Lennox International; McCormick; Mid-America Apartment Communities; Neurocrine Biosciences; Pinnacle Financial Partners; Regency Centers; Strategy A; Sun Communities; Textron; Watsco; and Weyerhaeuser.
• MSCI ACWI: 13 additions and 100 deletions.
• MSCI ACWI IMI: 113 additions and 272 deletions.
• MSCI ACWI Small Cap: 171 additions and 243 deletions.

What does the rebalance change?

Index funds must match holdings at the November 30 close, making deletion-related selling dated and mechanical. MSCI publishes no security weights, assets-tracking estimates or flow forecasts, so its file cannot size passive outflows. Active managers, discretionary holders and funds benchmarked to S&P, FTSE Russell or CRSP products remain unaffected.

MSCI may revise entries before the effective date for corporate events, ineligible alert board treatments and other adjustments. A merger, spin-off or restatement could change the roster. The decision does not require Strategy to sell bitcoin, and publication of the list does not itself trigger a stock sale.

How much does the deletion matter?

Strategy’s post-November 11 metrics list 850,364 bitcoin, equal to 4.05% of total supply, and a reserve worth $62,625 million at a $73,644 spot price. They put MSTR at $122.35, with 650,136 net bitcoin, $6,714 million of debt and $12,946 million of preferred stock.

At $73,644, gross holdings equal $62.6 billion, while the $51,622 million equity value equals 0.82 times gross reserves. After debt and preferred stock, 650,136 bitcoin represent $47.9 billion and equity trades at 1.08 times net asset value. The single-digit premium leaves less room for the argument that losing its price-insensitive index buyer will remove a large structural bid.

MSCI’s $40.06 billion issuer figure predates Strategy’s November 11 market capitalization by three weeks and is 28.9% lower. The gap reflects dates and methodologies rather than a sudden revaluation. Strategy reports $2,676 million in average 30-day trading volume against MSCI’s $37.26 billion float-adjusted capitalization. Passive funds sell only pro-rata holdings; MSCI discloses neither their stakes nor the resulting flow.

What should investors watch?

• November 30 close: Track Strategy’s mNAV into and after the rebalance. A move toward parity would suggest index demand formed part of the premium; persistence near 1.08x would imply a smaller contribution.
• February 2027: MSCI revisits the watchlist. Names that fail a second annual-filing test can move to deletion.
• Strategy disclosures: The company reported acquiring 177,864 bitcoin year to date, with bitcoin yield negative 4.2%. Continued accumulation after membership ends puts treasury buying alongside the loss of index demand.

MSCI’s data do not establish a trading forecast, and this analysis is not investment advice. The next fixed checkpoint is the November 30 rebalance, followed by the February 2027 watchlist review, when the methodology’s repeatable deletion test becomes visible.