Strategy’s Future in Global Indexes: What Investors Should Know in 2025

The investment world is buzzing in late 2025 as Strategy Inc. (formerly MicroStrategy) faces one of the most consequential moment in its corporate history. A new review by MSCI, one of the world’s most influential index providers, could reshape how global markets treat companies with large digital-asset holdings.

Strategy—long known for its massive Bitcoin reserves—has been trying for years to join the S&P 500. But instead of gaining entry, the company now faces the possibility of being removed from MSCI indexes, potentially triggering billions in outflows. As Strategy falls from recent highs and Bitcoin volatility deepens, the investment community is analyzing what the MSCI proposal means for 2025 and beyond.

This article breaks down everything investors need to know, using the Strategy Index Review 2025 as the central focus keyword.

Understanding the Strategy Future Index Review 2025

For years, Strategy has been seen as the world’s largest publicly traded Bitcoin holder. While this unique position gave it global attention, it also raised regulatory and index-construction questions.

In 2025, MSCI launched a consultation proposing to exclude companies whose digital-asset holdings exceed 50% of total assets. Strategy fits squarely into that category, making it the main company under scrutiny during the Strategy Index Review 2025.

Why MSCI’s review matters

MSCI indexes are used by:

• Global ETFs
• Pension funds
• Sovereign wealth funds
• Mutual funds
• Institutional asset allocators

If Strategy is removed, the effects could be dramatic.

How Strategy’s Bitcoin Strategy Triggered the Review

Strategy first began accumulating Bitcoin in 2020 as an inflation-hedge strategy. Under Executive Chairman Michael Saylor, the company transformed from a software-analytics business into a Bitcoin-centric treasury company.

By 2025:

• Strategy holds over $56 billion worth of Bitcoin
• Bitcoin represents over 95% of total corporate assets
• Strategy trades more like a Bitcoin ETF than a software firm

This is the core reason the Strategy Index Review 2025 is now happening.

MSCI, as well as other index providers, must determine whether companies like Strategy still fit within traditional equity indexes, or whether they belong in new digital-asset-themed categories.

Potential Outflows Explained During the Strategy Index Review 2025

JPMorgan’s research estimates major outflows if the MSCI exclusion becomes official.

Breakdown of projected outflows:

• $2.8 billion from MSCI USA & MSCI World indexes
• Up to $8.8 billion from other benchmark providers
• Total risk: ~$11.6 billion if index providers move collectively

Why would outflows be so large?
Because a significant portion of Strategy’s investor base consists of index-tracking funds, which are required to follow official index compositions.

If Strategy is removed, those funds must sell.

Why Strategy Isn’t in the S&P 500

Many assume Strategy was rejected because of price volatility, but the real reason aligns with the ongoing Strategy Index Review 2025 logic.

S&P 500 criteria Strategy does not meet:

• Consistent operating income from traditional business functions
• Diverse revenue sources
• Industry classification stability
• Low asset concentration risk

With over 95% of assets held as Bitcoin, Strategy no longer fits the profile of a corporate entity the S&P 500 is designed to represent.

Market Impact as Strategy Falls From Highs

While the headline Bitcoin volatility is partly responsible for Strategy’s price movement, analysts note that the fear of index removal has become a major driver.

By late November 2025:

• Strategy’s stock fell over 40% in a month
• The premium above its net-asset value (mNAV) dropped from 2.7 to 0.9
• Liquidity concerns increased
• Investor confidence weakened

This aligns with the nervous market mood reflected in the Strategy Index Review 2025 discussions.

Strategy’s Presence in Major Indexes Before the Review

As of 2025, Strategy is included in:

• Nasdaq 100
• MSCI USA
• MSCI World
• Russell 1000

Its index-based inflows made MSTR a major way for institutions to gain indirect Bitcoin exposure.

If the Strategy Index Review 2025 concludes with removal, global Bitcoin exposure through passive funds will sharply decrease.

Investor Reactions to the Strategy Index Review 2025

Analysts and institutional investors are split.

The Concerned Camp

They argue exclusion would:

• reduce liquidity
• shrink shareholder base
• raise the cost of new equity
• make raising debt much harder
• increase volatility

The Supportive Camp

They believe:

• Strategy will attract more Bitcoin-maxi investors
• The company could pivot to becoming a true digital-asset holding firm
• Reduced index exposure may align better with its long-term vision

MSCI’s Reasoning Behind the Review

MSCI claims the update is meant to ensure its indexes accurately represent:

• Business activity
• Asset diversification
• Corporate risk profiles

The organization emphasizes that traditional equity indexes were never built for digital-asset treasury companies.

The Strategy Index Review 2025 is an attempt to modernize index rules amid crypto-related corporate evolution.

Bitcoin Market Conditions During the Strategy Index Review 2025

Strategy’s situation is unfolding during a broader Bitcoin downturn.

In November 2025:

• Bitcoin fell below $90,000
• Market liquidity contracted
• Forced liquidations increased
• Crypto-linked equities fell sharply

Because Strategy’s valuation is tied almost entirely to Bitcoin, the index review comes at a time when market sentiment is already fragile.

Could Strategy’s Business Model Evolve After 2025?

Some analysts believe Strategy may need to adapt if it wants to remain in traditional equity indexes.

Potential pivots:

• Launching Bitcoin-backed financial products
• Expanding software-analytics operations
• Becoming a regulated Bitcoin custodian
• Creating a BTC-based ETF subsidiary

However, these scenarios require significant regulatory approvals and organizational restructuring.

Timeline for the Strategy Index Review 2025

Important dates:

• Consultation period ends: December 31, 2025
• MSCI final announcement: January 15, 2026
• Possible index rebalancing: February–March 2026

Investors have roughly two months of uncertainty before decisions become official.

What Investors Should Do During the Strategy Index Review 2025

Investors considering MSTR should evaluate the following:

1. Volatility expectations

Index removal could increase price turbulence.

2. Diversification

Allocate capital with risk management in mind.

3. Bitcoin exposure needs

If investors want BTC exposure, direct Bitcoin purchases may offer lower fees and clearer risk profiles.

4. Liquidity concerns

Lower institutional ownership can reduce share stability.

Final Outlook — What the Strategy Index Review 2025 Means for Markets

The MSCI consultation marks a pivotal moment for digital-asset-focused public companies. Strategy’s experience may set the precedent for how global index providers treat Bitcoin-heavy corporations.

If Strategy is excluded:

• A new classification for digital-asset holding companies may emerge
• Bitcoin’s presence in passive portfolios will shrink
• Strategy may become more dependent on crypto-native investors

If Strategy remains included:

• Other companies may adopt Bitcoin-centric treasury models
• Index providers will need new risk frameworks
• Crypto exposure inside traditional funds may grow

Either way, the Strategy Index Review 2025 will shape the next phase of Bitcoin’s integration into mainstream financial markets.