Morgan Stanley Capital International is moving ahead with a proposal that could remove bitcoin juggernaut Strategy from its global equity benchmarks.
The index maker said Thursday that it “will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes.”
Bitcoin treasury Strategy previously blasted the idea, calling it “misguided” and “flawed.”
“MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes, as set out in the consultation announced on August 3, 2026, with minor modifications,” the statement read.
“The changes will be implemented as part of the November 2026 Index Review, which will take effect as of the close of November 30, 2026.”
MSCI’s decision won’t immediately remove Strategy from its Global Investable Market Indexes but future tests could end up excluding the company from the index.
If Strategy does get removed from the index, it would mean that fewer institutional investors can or will hold the stock.
Strategy did not immediately comment on the MSCI’s decision. The company said of the proposal in August: “Bitcoin doesn’t need MSCI. Neither does Strategy.”
MSCI in 2025 proposed excluding from its indices all companies whose digital-asset holdings represent 50% or more of total assets.
Strategy — formerly MicroStrategy — is an enterprise software company that pivoted to buying and holding bitcoin in 2020.
It first bought the cryptocurrency to protect shareholders but has since aggressively bought the asset and is now the largest corporate holder of the cryptocurrency, with 848,250 bitcoins worth $69.2 billion at today’s prices.
Investors can buy Strategy’s Nasdaq-listed stock (MSTR) to get heightened exposure to bitcoin’s performance.
Nasdaq-listed Strategy’s shares were trading over 6% lower on Friday.