Nasdaq Shake-Up? Michael Saylor’s Strategy Faces Possible Removal

Strategy Inc., the company long associated with Michael Saylor’s big Bitcoin bets, is facing the real risk of being dropped from major stock indexes — a move that could force billions of dollars of forced selling and change how investors get exposure to Bitcoin.

Reports show index providers are weighing new rules that would push firms with huge crypto treasuries out of traditional benchmarks.

Index Threat Looms

According to disclosures this week, JPMorgan warned that if Strategy is excluded from MSCI’s investable indexes and the Nasdaq 100, passive funds that track those benchmarks could dump close to $3 billion of the stock — and the total at risk could rise into the billions more if other index providers act.

MSCI is consulting on a proposal to exclude companies whose digital-asset holdings make up 50% or more of total assets, a threshold that would put Strategy squarely in the crosshairs of the review.

Strategy Has Been Buying Aggressively

Strategy’s balance sheet is heavy with Bitcoin. Reports show the company owned about 649,870 Bitcoin as of Nov. 16, 2025, and that it bought another 8,178 BTC recently for roughly $836 million at an average price near $102,171 per coin. Those moves have kept the company tied tightly to Bitcoin’s swings.

The company’s stock has fallen sharply from its highs. Market coverage this week notes the company is down by roughly 68% from its record peak reached about a year ago, a drop that has tightened the link between Bitcoin price moves and Strategy’s market value. That weakness, combined with heavy crypto holdings, is what brought index providers’ scrutiny.

Strategy recently changed terms around equity issuance, giving itself wider leeway to sell stock even when its market valuation is weak. That can help fund more Bitcoin buys. It also raises concerns about dilution for existing shareholders and adds pressure if index-tracking funds must sell shares.

If MSCI and others move to remove Strategy, the forced sales by index funds could push the stock lower and make it harder for the company to raise money without hurting existing holders.

JPMorgan’s analysis highlights a near-term date to watch: the index review process points to decisions expected by Jan. 15, 2026, which could mark a turning point for how public markets treat companies that sit mostly in crypto.

Featured image from Unsplash, chart from TradingView