Potential for strategy to be excluded from major benchmarks during asset testing

By Crypto Gloom On Nov 21, 2025

Key Takeaways

With Strategy’s market premium unwinding, the company is now at risk of being excluded from major stock indices.
JPMorgan analysts warned that up to $2.8 billion could be lost if MSCI excludes the stock, leaving billions more at risk across other index-linked funds.

The strategy faces the risk of being excluded from major stock indices. According to Bloomberg, JP Morgan analysts have warned that the company could lose ground in benchmarks such as MSCI USA and the Nasdaq 100.

MSCI is reviewing policies that will affect companies whose digital asset holdings exceed half of their total assets, and implementing this change to their strategies could result in outflows of up to $2.8 billion.

Once the driver of massive valuation premiums, the company’s Bitcoin-heavy balance sheet now reflects cryptocurrency market volatility more than traditional stock behavior.

These pressures are also impacting Strategy’s funding structure as preferred shares fall sharply and yields rise, a sign that investors are questioning the sustainability of a model that once relied on market momentum, cheap capital and the rising value of Bitcoin.

MSCI expects to announce its decision soon after completing market consultation on the proposed digital asset exclusion policy.