Strategy Fails The Clipboard Test

The real news

The story, straight

An index is a stock shopping list. A fund that copies it buys the listed shares and sells those removed.

MSCI writes such lists. It has decided Strategy looks too much like an investment fund to belong.

MSCI announced on 11 November that Strategy leaves its USA Index at the 30 November 2026 close, also exiting MSCI World and ACWI. Strategy held 850,364 bitcoin as of 8 November.

That's a lot of bitcoin waiting outside a velvet rope.

The test starts with assets used to run a business: they must reach 50% of total assets. Below that, MSCI checks 5 financial ratios, comparisons between figures in company accounts.

At least 4 flags mean ineligibility. Existing members leave only after failing in both of their latest 2 annual filing periods.

This isn't a bitcoin-specific rule. Uranium holder Yellow Cake is also being removed from an MSCI index.

Apparently the clipboard accepts neither coins nor radioactive excuses.

Funds copying the affected indexes must sell the removed shares. Strategy's stock remains exchange-listed, and nothing forces it to sell bitcoin.

Strategy says deletion would have no meaningful business impact.

The useful distinction: losing a place on a shopping list isn't closing the shop.

Sources: Reuters / Bitcoin Magazine / Cointelegraph.

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