Ming Sheng (MSCI.US) excludes MicroStrategy (MSTR.US) at the end of November: The $2.8 billion selling pressure estimate is based on the withdrawal of the old proposal

According to Woofun AI, MSCI.US (MSCI.US) officially confirmed that it will remove MicroStrategy (MSTR.US) from the global stock index after the market closes on November 30. This decision put an end to months of controversy in the industry over whether cryptocurrency asset management companies are eligible to operate as normal businesses, and marks a further tightening of traditional index compilation rules in the digital asset sector. Microstrategy (“STRATEGY A”) was clearly marked as “removed” in the November index evaluation, Japan's Metaplanet and Upexi (UPXI.US), another Bitcoin asset management company, were also excluded, while Sharplink (SBET.US), which is responsible for managing Ether assets, was added to the watch list.

According to data compiled by Woofun AI, this adjustment strictly follows the implementation schedule announced by MSCN in October, and the changes will be officially implemented at the end of November. Since passive funds need to track the benchmark index, the removal will directly cause the relevant funds to sell the shares of these companies, thereby weakening the demand for passive investment. J.P. Morgan Chase (JPM.US) previously estimated that the exclusion of micro strategies from the index could trigger a stock sell-off of about 2.8 billion US dollars, but this estimate is based on MSCN's old “50% share of digital assets” proposal proposed in October 2025 and withdrawn in January 2026. It is not about the new regulations adopted in October, and MSCI did not officially announce the size of the adjusted passive capital outflow.

Despite being pressured by passive capital outflows, MicroStrategy objected to this move, believing that it was essentially a disguised continuation of MSCI's earlier attempt to exclude digital asset asset management companies from the index, and accuses it of introducing policy judgment factors into the index construction process.

Notably, microstrategies downplayed potential negative effects when responding to inquiries. The company pointed out that funds linked to the MSCI Index currently only hold about 13 million of its shares, accounting for about 3.1% of its issued common shares, and the corresponding trading volume is less than the total trading volume in a day. The two are not the same caliber: the former is the actual position of an MSCI-linked fund disclosed by MicroStrategy; the latter is an estimate based on an old proposal that has already been withdrawn, and it is not appropriate to directly compare them side by side.

This means active trading and long-term holders remain the main support for its share price. From a structural point of view, although the withdrawal of passive capital will cause short-term fluctuations, it has not touched the company's core holding structure. This is another major index compilation rule challenge faced by MicroStrategy following uncertainty in regulatory policies. The market needs to pay attention to whether subsequent active capital will hedge passive selling pressure.