MicroStrategy Faces MSCI Exclusion Threat: Saylor Negotiates with Index Provider

Saylor Confirms Talks with MSCI

MicroStrategy, the Bitcoin-treasury company operating under ticker MSTR and led by founder Michael Saylor, stands at a critical juncture. The company could be excluded from the MSCI World Index – one of the world's most significant equity indices comprising over 1,300 large- and mid-cap companies from 23 developed markets ^[2].

In comments to news agency Reuters, founder Michael Saylor confirmed that the company has entered into formal discussions with the index provider. "We are engaged in the process," Saylor stated, though he declined to provide specific details about the negotiations ^[1]. At a Binance event in Dubai on Wednesday, he addressed the stock's volatility: "The stock will be volatile because the company is built on enhanced Bitcoin" ^[2].

MSCI Reviews Exclusion of Digital Asset Treasury Companies

MicroStrategy is currently listed in both the MSCI USA and MSCI World indices. The company was added to the MSCI World Index in May 2024, approximately three years after it began implementing its Digital Asset Treasury (DAT) strategy – at which point it already held 214,000 BTC ^[2].

On October 10, 2025, MSCI officially announced a consultation regarding the possible exclusion of DAT companies from its indices. The consultation period runs until December 31, 2025, with a final decision expected by January 15, 2026 ^[2].

Analysts Warn of Billions in Outflows

An exclusion would potentially have severe consequences for the company. U.S. investment bank JP Morgan, which already warned of such a scenario in November, calculates potential capital outflows of up to 2.8 billion U.S. dollars should MicroStrategy be excluded from MSCI indices ^[1].

The scenario could worsen further: should other index providers such as the Nasdaq 100 follow MSCI's lead, outflows could climb to as much as 8.8 billion U.S. dollars ^[1]. Historically, investors have viewed MicroStrategy as leveraged exposure to Bitcoin, particularly through the company's aggressive allocation strategy. Its inclusion in equity indices significantly facilitated capital raising ^[1].

Strategic Course Shift Under Pressure

The potential MSCI exclusion could impact MicroStrategy's aggressive Bitcoin accumulation strategy. The company announced on Monday its intention to build a 1.44 billion U.S. dollar fiat reserve to secure dividend payments on preferred shares and interest on outstanding debt ^[2].

Despite headwinds, the company has expanded its Bitcoin holdings to the symbolic milestone of 650,000 BTC ^[2]. Simultaneously, however, it significantly lowered its 2025 KPI targets after Bitcoin fell below the 90,000 U.S. dollar mark ^[2].

Whether Bitcoin sales would be considered as a last resort remains unclear. However, as long as the Bitcoin price remains above the average purchase price of approximately 74,500 U.S. dollars, such a scenario seems less likely ^[1].

Industry-Wide Challenges for DAT Companies

MicroStrategy is not alone in facing these challenges. After DAT companies boomed in July 2025, many are now struggling with price declines. The Japanese company Metaplanet, for example, saw its enterprise value fall below the value of its Bitcoin holdings in mid-October – an unprecedented development with far-reaching implications for the entire DAT sector ^[2].