MSCI to Remove MicroStrategy From Indexes Despite $19.5B Bitcoin Profit

MSCI removing MicroStrategy — Index provider MSCI Inc. will remove MicroStrategy from several of its stock indexes, a decision that comes despite the company reporting a $19.5 billion profit primarily from its massive Bitcoin holdings.

The reclassification, set for November 2026, will shift MicroStrategy from the MSCI USA Index to the MSCI Global Micro Cap Index. Analysts cited by Decrypt suggest the move stems from MSCI’s view that MicroStrategy no longer qualifies as an active operating company due to its primary business model of holding Bitcoin.

This exclusion could potentially reduce demand for MicroStrategy shares from funds that track the MSCI USA Index, potentially limiting the capital the company has available for further Bitcoin purchases. MicroStrategy, led by executive chairman Michael Saylor, is the world’s largest corporate holder of Bitcoin.

The decision highlights ongoing debates about how traditional finance classifies companies whose value is heavily derived from cryptocurrency holdings. It raises questions about whether such firms are viewed as technology businesses or as investment vehicles.