Strategy’s MSCI Inclusion at Risk as $2.8B Outflows Loom

- MSCI reviewing eligibility of Digital Asset Treasury (DAT) companies for its indexes. - Strategy faces potential exclusion and a $2.8 billion outflow, a figure disputed by Michael Saylor. Michael Saylor's company, Strategy, may face $2.8 billion in potential outflows. This risk stems from MSCI considering the exclusion of Strategy's stock (MSTR) from critical indexes, as the organization is currently conducting a consultation about the inclusion of Digital Asset Treasury (DAT) companies. On December 3, 2025, Reuters reported that MSCI is scrutinizing DAT firms after a period of rapid sector growth was followed by significant declines tied to cryptocurrency volatility. JPMorgan estimates that removing Strategy from benchmarks like the MSCI World Index could trigger significant capital outflows. However, Saylor, Strategy's executive chairman, has publicly questioned the accuracy of the $2.8 billion figure, stating that he is "not sure" it fully reflects the situation. The MSCI consultation will conclude on December 31, and its findings will determine if companies like Strategy remain in these indexes. Subsequently, MSCI will announce a final decision on January 15, 2026. Strategy joined the MSCI World Index in May 2024, and the company now holds a prominent position among more than 1,300 companies across 23 developed markets, alongside major players like Nvidia and Apple. Consequently, its potential removal could impact the company and reduce investor exposure to businesses closely tied to cryptocurrency holdings. As a leader in the DAT sector, Strategy holds 650,000 Bitcoin (BTC) in its reserves, which directly ties its stock performance to the volatile fluctuations in Bitcoin's market price. The broader DAT industry faced increased challenges throughout 2025, as mid-year growth turned into declining stock values while Bitcoin's volatility persisted. For instance, in October, Japanese DAT firm Metaplanet underscored these risks when its enterprise value fell below the value of its Bitcoin holdings. While acknowledging the instability in the DAT sector, Saylor defended Strategy’s model, explaining that its equity is designed to be volatile because the company is built on amplified Bitcoin. To prepare for potential headwinds, Strategy has established a $1.44 billion reserve to support dividend payments and debt obligations, a move that aligns with its performance goals for 2025. As of 15:08 UTC on December 3, market data shows Bitcoin (BTC) trading at $92,761.32, reflecting a 2.96% increase in its 24-hour trading volume.