Saylor: MicroStrategy engaging MSCI on possible MSTR removal
Strategy is urging MSCI to keep its Class A common stock (MSTR) in MSCI indexes as the index provider consults on whether to remove digital asset treasuries (DATs). Founder Michael Saylor said the company is in active discussions with MSCI regarding the review, Reuters reported on Wednesday.
“We’re engaging in that process,” Saylor said, adding he “was not sure” about JPMorgan’s estimate that a potential MSCI exclusion could trigger $2.8 billion of outflows.
MSCI added MSTR to its indexes in May 2024, making it one of the three largest additions to the MSCI World Index during that rebalance.
What is the MSCI World index?
Launched in 1986 by Morgan Stanley Capital International (MSCI), the MSCI World Index tracks more than 1,300 large- and mid-cap companies across 23 developed markets and is widely followed by global investors.
Among its top constituents, the index includes major technology firms such as Nvidia and Apple, which together represent more than 10% of the benchmark.
Top five constituents of the MSCI World index and sector weights. Source: MSCI
MSTR joined the MSCI World Index in May 2024, roughly three years after Strategy began acquiring Bitcoin (BTC) under its DAT strategy, by which time it had amassed 214,000 BTC.
DATs retreat after a July 2025 surge
Following strong performance in July 2025, several DATs — including Strategy and Japan’s Metaplanet — have come under pressure, with shares falling to multi-month lows.
By mid-October, Metaplanet’s enterprise value fell below the value of its BTC holdings, an unusual development with broader implications for the DAT segment.
On Oct. 10, MSCI announced a consultation on the potential exclusion of DATs from its indexes. The consultation is open until Dec. 31, 2025, with final conclusions expected by Jan. 15, 2026.
Strategy (MSTR) stock has dropped by 54% in the past year. Source: TradingView
Addressing volatility in DAT equities, Saylor said the shares are “going to be volatile because the company is built on amplified Bitcoin.” He added, “If Bitcoin falls 30%, 40% then the equity is going to fall more, because the equity is built to fall,” speaking on the sidelines of a Binance event in Dubai on Wednesday.
On Monday, Strategy established a $1.44 billion U.S. dollar reserve to support dividend payments on its preferred stock and interest on its outstanding debt.
The company has increased its Bitcoin holdings to 650,000 BTC and significantly reduced its 2025 KPI targets as Bitcoin trades below $90,000.
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