Strategy — long viewed as the original “bitcoin-on-NASDAQ” proxy — is now facing its most significant structural challenge since Michael Saylor began transforming the company into a leveraged Bitcoin-holding vehicle five years ago.
A new research note from JPMorgan warns that Strategy may soon be excluded from major equity indices, a shift that could reshape how both traditional and crypto-aligned investors view the stock. The concern centers on a looming MSCI ruling scheduled for January 15, which will determine whether companies with large digital-asset holdings should remain in conventional equity benchmarks.
MSCI’s Proposed Rule and Why Strategy Is Most Exposed
MSCI is considering a policy that would remove companies whose digital-asset holdings exceed 50% of their total assets. Strategy sits at the extreme end of this proposed threshold, given its aggressive accumulation of Bitcoin and its identity as a de facto BTC-leveraged play.
With the company’s market capitalization hovering around $59 billion, this decision could have wide-ranging implications. Index exclusion would not only affect passive fund flows but also reshape the company’s position within traditional equity markets.
What the Decision Could Mean for Investors
If MSCI moves forward with the rule change, Strategy could face reduced visibility in mainstream equity indices and potentially higher volatility as passive investments recalibrate. For investors, this moment marks one of the most consequential turning points in the firm’s evolution — one that may redefine its role at the intersection of corporate finance and digital assets.
