MSCI excludes companies such as Strategy from its global stock indices, potentially triggering billions of dollars in capital outflows.

On November 12, global index provider MSCI announced it would remove Bitcoin treasury companies such as Strategy (MSTR) from its global stock indices, stating that the relevant companies' business characteristics align more closely with investment funds than with traditional operating enterprises.

Previously, MSCI had proposed excluding companies with digital asset holdings comprising 50% or more of their total assets from the indices. This adjustment also includes Japanese Bitcoin treasury company Metaplanet and British uranium investment firm Yellow Cake, and is scheduled to take effect on December 1.

Strategy previously warned that the exclusion could trigger sell-offs worth approximately $2.8 billion. Meanwhile, JPMorgan estimates that if other index providers take similar steps, potential fund outflows from Strategy's stock could reach up to $8.8 billion.