MSCI has proposed new index rules that would screen out "non-operating companies" from its Global Investable Market Indexes.
Strategy ($MSTR) is one of only three companies that would be deleted under a May 2026 simulation, alongside Metaplanet and Yellow Cake.
The proposed methodology screens companies on operating assets, expenses, cash flow, non-operating fair-value changes, and dependence on raising capital to accumulate assets.
A company becomes ineligible by failing four out of five tests. Strategy lands in the deletion column of the simulation.
This is not final. Consultation closes September 30 with a decision expected October 16. If approved, removal would happen during the November 2026 Index Review.
Earlier JPMorgan analysis estimated MSCI-related passive fund outflows of roughly $2.8 billion in forced $MSTR selling, though current market cap levels could put the number lower.
Worth noting that MSCI previously tried to create rules specifically targeting "Digital Asset Treasury Companies" and backed off. Now they're back with a broader framework that happens to catch the same companies.
Strategy ($MSTR) is one of only three companies that would be deleted under a May 2026 simulation, alongside Metaplanet and Yellow Cake.
The proposed methodology screens companies on operating assets, expenses, cash flow, non-operating fair-value changes, and dependence on raising capital to accumulate assets.
A company becomes ineligible by failing four out of five tests. Strategy lands in the deletion column of the simulation.
This is not final. Consultation closes September 30 with a decision expected October 16. If approved, removal would happen during the November 2026 Index Review.
Earlier JPMorgan analysis estimated MSCI-related passive fund outflows of roughly $2.8 billion in forced $MSTR selling, though current market cap levels could put the number lower.
Worth noting that MSCI previously tried to create rules specifically targeting "Digital Asset Treasury Companies" and backed off. Now they're back with a broader framework that happens to catch the same companies.
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