MSCI Revives Crypto Black Friday Threat: What's Next for Strategy and Bitcoin?
MSCI has revived its threat to remove Strategy (formerly MicroStrategy) from its indexes, reigniting fears of another Crypto Black Friday crash. The news comes as a new consultation on the eligibility of non-operating companies in general was opened by MSCI in August 2026. Companies will be measured based on quantitative screens that flag them for potential removal if they fail to meet certain criteria.
The original scare last October wiped out roughly $19 billion in leveraged positions and saw Bitcoin drop more than $15,000 from its peak near $126,000. The new framework avoids naming digital assets entirely but the companies caught in its net are remarkably familiar.
Strategy has already shifted from pure accumulation to active liquidity management, including some Bitcoin sales to build cash reserves. However, this would not require Strategy to dump Bitcoin directly, and instead would lead to an indirect effect on the premium at which the stock trades relative to its Bitcoin holdings.