Strategy Inc. (Nasdaq: MSTR) shares rose 0.88% to $122.14 on Wednesday but lagged other crypto-related stocks. Coinbase gained 3.34%, while BitMine rose 5.67%. Bitcoin traded near $74,000, up 1.26%, which was about 2% below Strategy’s average purchase price of $75,456 per coin.

Strategy’s stock was down 9.1% for the week and 18.9% for the year. In premarket trading, it was near $123.

The company is awaiting the release of MSCI’s November Index Review results, part of the index provider’s periodic updates to constituent lists, scheduled shortly after 5 p.m. ET on Nov. 11. Any index changes would take effect after the close of trading on Nov. 30.

A preliminary simulation identified Strategy alongside Metaplanet, a Japan-based bitcoin treasury company, and Yellow Cake, a uranium holding firm, as possible exclusions, according to The Block. The simulation is not a final determination; the definitive constituent changes come with the review results. The issue follows MSCI’s approval on Oct. 15 of rules that bar some “non-operating companies” from its indexes. Companies without substantial operating assets face additional financial tests, and failure to meet at least four of five measures can make a company ineligible. Existing index members receive additional protection against immediate removal.

An earlier estimate from JPMorgan projected that Strategy could face $2.8 billion in passive outflows if MSCI removed it from its global indexes. JPMorgan estimated in November 2025 that the figure could reach $8.8 billion if other index providers adopted a similar approach. That analysis applied to an earlier MSCI proposal that was never implemented, while the current rules are different.

Strategy has presented a smaller potential impact. The company said funds tracking MSCI indexes hold 3.1% of its common stock, or about 13 million shares. At a share price of $123, that holding would be worth approximately $1.6 billion. Strategy said the amount is less than a single day of trading volume.

In an Aug. 31 letter, Executive Chairman Michael Saylor and CEO Phong Le called the proposal “discriminatory, arbitrary, and misguided.” Saylor has also described Strategy as an operating business rather than an investment fund.

If index funds were required to sell, they would sell Strategy shares to other investors rather than the company’s Bitcoin holdings. Strategy’s 850,364 BTC, valued at about $63 billion and representing 4.05% of Bitcoin’s 21 million total supply, would remain on its books.

The company’s financing activity is also part of the discussion. Strategy reported a BTC Yield of negative 3.7% for 2026, while its STRC preferred stock has traded below its stated value of $100. Saylor said on Feb. 5 that Strategy does not sell STRC when it trades below $100. During the week ending Nov. 8, the company spent more on stock buybacks than on Bitcoin purchases.

Through the third quarter, Strategy sold approximately $432 million of Bitcoin to cover preferred dividends and finance STRC buybacks. Its board has approved Bitcoin sales of up to $1.25 billion, while third-quarter dividends totaled $419.6 million.

The company’s software unit, its core operating business, generated $125.4 million in third-quarter revenue. Its at-the-market offering raised $5.41 billion net during the quarter.

U.S. spot Bitcoin exchange-traded funds recorded $95 million in net outflows on Nov. 10, marking a fourth consecutive day of outflows. MSCI’s announcement remains scheduled for shortly after 5 p.m. ET on Nov. 11, when the final constituent changes will show whether Strategy, Metaplanet or Yellow Cake are removed ahead of the Nov. 30 effective date.

BREAKING: Strategy $MSTR could face $2.8 billion in forced selling if MSCI removes it from its global indexes tomorrow, per JPMorgan. Any removal would take effect at the close of November 30. Strategy itself said in its Q3 SEC filing that it expects to be excluded from MSCI's… pic.twitter.com/JLjmx5xmHh — Bull Theory (@BullTheoryio) November 11, 2026

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Source: Blockonomi