DECRYPT · 2026-11-12 21:26 UTC

Strategy Made $19.5 Billion in Profit. So Why Is MSCI Removing It From Stock Indexes?

Strategy reported $19.53 billion in net income last quarter, but nearly all of its $20.91 billion operating income came from a rise in the accounting value of its Bitcoin holdings. MSCI's November review lists Strategy's MSTR shares for deletion from the MSCI USA Index after trading closes November 30, which also removes it from the MSCI World and All Country World indexes. Strategy estimates funds tracking MSCI indexes hold about 13 million MSTR shares, or 3.1% of its outstanding common stock, and argues that the exclusion is discriminatory and arbitrary.

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