MSCI Adopts Rule That Could Push Strategy Out of Its Indexes

Updated October 16: MSCI announced its decision; this story has been rewritten.

MSCI announced on the evening of October 15 that it will classify “non-operating companies” as ineligible for its global indexes. The changes will be part of the November 2026 Index Review, effective as of the close of November 30, and MSCI will publish the final list of affected companies on November 11. The announcement does not name Strategy, but in MSCI's simulation on May 2026 data it was the largest company flagged for deletion.

The details

The rule was adopted largely as proposed in August, “with minor modifications.” A company first goes through a core screen to see whether it has substantial operating assets. If it fails, it is assessed on five financial ratios, from operating assets and expenses to cash flow and capital dependence. Being flagged on four of the five makes a security ineligible.

Current index members get a softer path: they will be removed only if they fail the screen in each of their two most recent annual filing periods, and MSCI may also use the latest interim filing. At the same time MSCI is ending the interim measures it introduced in October 2025 for companies whose digital assets make up 50% or more of total assets, such as the freeze on weight increases and the deferral of additions.

In the May simulation three companies dropped out of the MSCI ACWI IMI: Strategy, with a free-float market cap of $23.9 billion, Japan's Metaplanet and uranium investment company Yellow Cake. JPMorgan analysts estimated about $2.8 billion in passive outflows from Strategy shares on removal. Strategy had asked MSCI to withdraw the rule, saying funds tracking MSCI indexes hold about 3.1% of its shares.

What it means for the market

Strategy does not have to sell any bitcoin: index funds would sell its shares, most likely by the end of November. It matters for demand: Strategy is the largest corporate buyer of bitcoin, and its ability to raise money depends on how its stock trades. The key dates are November 11 (final list) and November 30 (effective date). We are following the story and will update it.