MSCI has finalized new index rules for non-operating companies that could push Strategy (MSTR) out of its equity indexes, The Block reported on October 15. The rules take effect with the November index review. They replace interim restrictions that targeted companies whose digital asset holdings made up at least 50% of total assets.
Companies are now screened for operating assets and measured against five financial ratios. Buffers apply to both the ratio thresholds and the timing of additions and removals, which MSCI says should limit index turnover. A non-constituent is ineligible if it fails the screen in either of its two most recent annual filing periods. A current constituent is removed only if it fails in both, and MSCI may use the latest interim filing if one is available. The final list of affected companies is due November 11.
In a May 2026 simulation, MSCI flagged Strategy, Metaplanet and Yellow Cake. Ether treasury firm SharpLink (SBET) could also be affected. Strategy Executive Chairman Michael Saylor and CEO Phong Le have called the proposal “discriminatory” against digital asset treasuries. In a September letter, Strategy said the proposal would have no meaningful impact on its business and would seriously damage MSCI’s reputation as a neutral index provider.
For traders, November 11 is the date to watch. Removal from MSCI benchmarks can force funds that track them to sell, which keeps pressure on sentiment around listed bitcoin holders.
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