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MSCI Adopts Rules That Could Exclude Strategy
The new screen uses operating assets and five financial ratios, and MSCI says companies failing four tests can be excluded from its indexes.
On Thursday, MSCI adopted new rules rendering 'non-operating companies' ineligible for inclusion in the MSCI Global Investable Market Indexes, potentially affecting Strategy, Metaplanet, and Upexi.
Initially proposed in August, the methodology assesses companies based on operating assets and five financial ratios; firms failing at least four of the five tests face potential exclusion.
JPMorgan analysts estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling, though Strategy claims its holdings represent less than one day's trading volume.
Additional firms including Sharplink, Inc , Ton Strategy Company , Solana Company , and DeFi Development Corp are among companies placed on a 'watchlist' for potential removal.
MSCI will release the final list of affected companies on Nov. 11, with all changes taking effect on Nov. 30, 2026, according to the index provider.