Strategy: Billions in outflows due to exclusion from stock indices?

tkudonnell
22.11.2025
Markets

According to analysts at JPMorgan, Michael Saylor's Strategy could lose billions of US dollars in value if MSCI removes the company from its major stock indices.
Analysts led by Nikolaos Panigirtzoglou noted in a report on Wednesday that Strategy's share price has fallen more sharply than Bitcoin in recent months, as its valuation premium has significantly decreased.
They noted that the recent decline likely reflects growing concerns that the company could be dropped from key benchmark indices.
MSCI announced in October that it was considering whether to exclude Bitcoin and other Digital Asset Treasury (DAT) companies whose balance sheet consists of more than 50 percent crypto assets.
The consultation runs until December 31st, the results will be published on January 15th of next year, and any resulting changes will come into effect in February.
Strategy is currently included in indices including the Nasdaq-100, MSCI USA, and MSCI World. JPMorgan analysts estimate that approximately $9 billion of its $50 billion market capitalization is invested in passive funds that track these indices.
Inclusion in these indices has allowed Bitcoin to enter both retail and institutional portfolios via passive investment instruments. Analysts warn that removal would reverse this trend: “If Strategy is excluded from these indices, it could put significant downward pressure on its valuation, as passive index funds represent a large proportion of its holdings.”
According to the calculations, outflows could amount to $2.8 billion if the Bitcoin Treasury pioneer is excluded from the MSCI indices, and $8.8 billion from all other stock indices if other index providers decide to follow MSCI.
If you want to buy Bitcoin or other cryptocurrencies, you can do so at Coinbase, among other places. Currently, you'll receive €30 in Bitcoin as a gift when you buy cryptocurrencies worth at least €30.

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