Khac Phu Nguyen
1 min read
This article first appeared on GuruFocus.
Strategy Inc (NASDAQ:MSTR) shares dropped 6.83% to $113.99 at 9:35 a.m. ET in early regular-session trading on November 12 after MSCI’s November 2026 index review listed the bitcoin treasury company among deletions from the MSCI USA Index. The change takes effect at the close of business on November 30.
The removal follows MSCI’s October 15 rule targeting “non-operating companies,” which flags firms whose operating assets are under half of total assets and that fail at least four of five financial ratios, Protos reported at the time. Strategy’s own consultation response put MSCI-linked fund ownership at about 3.1% of basic shares, roughly 13 million shares, and JPMorgan estimated in November 2025 that exclusion alone could mean about $2.8 billion of outflows, Protos reported. Bitcoin also fell about 2.2% to near $71,907 on Thursday, Yahoo Finance’s live coverage showed.
At today’s price, 13 million shares equal roughly $1.5 billion of potential index-driven selling, a figure that depends on how closely funds track the benchmark. GuruFocus gives Strategy a GF Score of 66/100, with 7/10 momentum but 4/10 profitability and 5/10 financial strength. At $113.99, the shares sit 2.4% above the GF Value of $111.29, a “Fairly Valued” reading. Because Strategy’s value tracks bitcoin, the GF Value matters less than the coin price and fund flows. The next test is trading volume on the November 30 rebalance.
