Strategy’s Michael Saylor Discusses MSCI Exclusion Concerns

Michael Saylor, founder of Strategy, remains committed to maintaining its common A stock (MSTR) within the MSCI indexes. This determination comes after MSTR was added to the MSCI World Index during the Bitcoin rally in 2024. Currently, MSCI Global Standard Indexes are evaluating the potential removal of MSTR and other digital asset treasuries (DATs) from its indexes. According to Reuters, Saylor confirmed the company's ongoing discussions with the index provider regarding this issue.

Key Takeaways

Michael Saylor's Strategy seeks to maintain its MSTR stock within MSCI indexes amidst discussions of a potential exclusion.
The MSCI World Index, which includes major companies like Nvidia and Apple, integrated MSTR in May 2024.
Many digital asset treasuries (DATs) have experienced a downturn following a previous market boom in July 2025.
MSCI's consultation about excluding DATs from its indexes is ongoing, with a decision expected by January 2026.
Despite market challenges, Strategy continues to grow its Bitcoin holdings while navigating financial obligations.

Strategy’s Michael Saylor on potential MSCI exclusion: ‘We’re engaging’

“We’re engaging in that process,” Saylor stated, expressing uncertainty about JPMorgan's prediction that a possible MSCI exclusion could result in $2.8 billion in outflows.

In May 2024, MSCI included MSTR in its indexes, marking it as one of the three largest additions to the MSCI World Index.

Understanding the MSCI World Index

Established in 1986 by Morgan Stanley Capital International (MSCI), the MSCI World Index tracks over 1,300 large and mid-cap companies across 23 developed markets. It is a prominent global stock market index, and among its leading constituents are tech powerhouses like Nvidia and Apple, which collectively make up more than 10% of the index.

Top five constituents of the MSCI World index and sector weights. Source: MSCI

Strategy’s MSTR joined the MSCI World Index in May 2024, around three years after the company began accumulating Bitcoin as part of its DAT strategy, during which it acquired 214,000 BTC.

Market Challenges for Digital Asset Treasuries

Following a boom in July 2025, many DATs, including Strategy and companies like Japan’s Metaplanet, have faced significant declines, with stock values dropping to their lowest in months. By mid-October, Metaplanet’s enterprise value fell below its BTC holdings, an unusual circumstance with far-reaching consequences for the larger DAT market.

Related: Strategy Plans to Sell Bitcoin as a ‘Last Resort’ if mNAV Drops and Capital is Unavailable: CEO

On October 10, MSCI announced a potential exclusion of DATs from its indexes. The consultation process is open until December 31, 2025, with final decisions expected by January 15, 2026.

Strategy (MSTR) stock has dropped by 54% in the past year. Source: TradingView

Addressing concerns about the volatility of DATs, Saylor remarked that equity values are “going to be volatile because the company is built on amplified Bitcoin.” He noted that if Bitcoin’s price drops significantly, the equity value will likely drop even more due to its reliance on Bitcoin's performance.

Recently, Strategy introduced a $1.44 billion US reserve aimed at facilitating dividend payments on its preferred stock and covering interest on existing debt. The firm has also raised its Bitcoin holdings to a notable total of 650,000 BTC, all while reducing its KPI targets for 2025, as Bitcoin's value fell below $90,000.

Magazine: Bitcoin Whale Metaplanet ‘Underwater’ but Eyeing More BTC: Asia Express