Bitcoin and crypto stocks were trading higher on Wednesday, but Michael Saylor's Strategy (MSTR) was struggling to keep pace. Strategy shares rose just 0.88% to $122.14 as of press time on No
Bitcoin and crypto stocks were trading higher on Wednesday, but Michael Saylor's Strategy (MSTR) was struggling to keep pace.
Strategy shares rose just 0.88% to $122.14 as of press time on Nov. 11, compared with gains of 3.34% for Coinbase and 5.67% for BitMine. Bitcoin (BTC) traded near $74,000, up 1.26%.
Strategy stock price at press time.The muted performance comes ahead of a decision that could affect billions of dollars in investment tied to Strategy's stock.
Index provider MSCI is scheduled to announce its November Index Review results shortly after 5 p.m. ET on Wednesday, with changes taking effect after the Nov. 30 close.
The review could determine whether Strategy remains eligible for major MSCI stock indexes.
On Oct. 15, MSCI approved new rules excluding certain "non-operating companies" from its indexes.
Companies without substantial operating assets must pass additional financial tests. Those failing at least four of five measures could become ineligible, although existing constituents receive additional protections against immediate removal.
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A preliminary simulation flagged Strategy, Metaplanet and Yellow Cake as potential exclusions, according to The Block.
The stakes extend beyond index classification.
In November 2025, JPMorgan estimated Strategy could face $2.8 billion in passive investment outflows if excluded from MSCI indexes, with total outflows rising to as much as $8.8 billion if other index providers followed.
Those estimates concerned an earlier proposal, not MSCI's latest rules.
Strategy has opposed MSCI's restrictions since the initial proposals emerged last year.
"Index classification doesn't define us,"Saylor said in November 2025, describing Strategy as an operating business rather than an investment fund.
In an Aug. 31, 2026, letter, Saylor and CEO Phong Le called MSCI's proposal "discriminatory, arbitrary, and misguided."
Michael Saylor's Strategy hits back at MSCI (2:17)Strategy argues that funds tracking MSCI indexes own only 3.1% of its basic shares outstanding, or approximately 13 million shares, limiting the potential business impact.
The company currently holds 850,364 BTC, representing about 4.05% of Bitcoin's maximum supply of 21 million.
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