MSCI adopts index rules that could exclude Strategy

• MSCI will exclude qualifying non-operating companies from its Global Investable Market Indexes under new eligibility rules.
• The revised methodology takes effect after market close on 30 November 2026, with potentially affected companies identified on 11 November.
• Strategy and other digital asset treasury firms could face exclusion if they fail MSCI’s new operating-asset and financial-ratio tests.

MSCI Inc (NYSE:MSCI) has adopted new index eligibility rules that could remove Strategy (NASDAQ:MSTR) and other digital asset treasury companies from its global benchmarks.

The rules classify companies as ineligible when they lack substantial operating assets and meet at least four of five financial-ratio exclusion criteria.

MSCI said buffers will reduce index turnover by requiring existing constituents to fail the exclusion screen across two consecutive annual reporting periods.

The new methodology takes effect after market close on 30 November 2026, as part of MSCI’s November index review.

MSCI will publish the final list of potentially affected companies on 11 November, allowing investors to assess possible index changes before implementation.

The decision replaces interim measures targeting companies whose digital asset holdings represented at least 50% of total assets, shifting assessments to broader operating and financial tests.

Strategy, the largest publicly traded corporate holder of Bitcoin (BTC), has challenged the proposal, arguing that its Bitcoin operations qualify as an operating business.

Following the announcement, Strategy shares were up 5.62% at $151.29.