Strategy reported a net profit of $19.53 billion last quarter, almost entirely from the appreciation of its Bitcoin holdings

Odaily: MSCI will remove Strategy from the MSCI USA Index after the close on November 30, and the adjustment will also affect the MSCI World and MSCI All Country World indexes that include U.S. companies. This decision will not cause Strategy to exit Nasdaq, cease operations, or be forced to sell Bitcoin, but funds tracking the relevant indexes may sell MSTR shares as a result.

In October, MSCI passed new rules targeting non-operating companies, proposing to exclude investment vehicles that primarily hold financial assets from its operating company indexes. In a letter to MSCI, Strategy said the proposed rules are "discriminatory, arbitrary and misleading," and argued that MSCI should reflect the market rather than judge it.

Strategy reported net profit of $19.53 billion last quarter and operating revenue of $20.91 billion, almost entirely from the increase in the carrying value of its Bitcoin; under the accounting rules adopted in 2025, price changes are recognized in earnings even if the Bitcoin is not sold. Its software division posted quarterly revenue of $125.4 million, down 3% year over year; full-year 2025 revenue was $477.2 million, lower than $486.3 million in 2019.

Strategy estimates that funds tracking MSCI indexes hold about 13 million MSTR shares, representing 3.1% of its outstanding common stock, and said the related scale is manageable. Strategy continues to raise financing by issuing stock and other securities and buy Bitcoin. A decline in its share price may reduce its financing proceeds, but index removal does not mean it will necessarily reduce Bitcoin purchases. (Decrypt)