MSCI Exclusion Looms for Strategy as Bitcoin Purchases Resume

Strategy, a company led by Michael Saylor, has pushed back against MSCI's proposal to classify its Digital Asset Treasury (DAT) business as non-operating. This move could potentially lead to Strategy being removed from major global equity indexes.

MSCI opened a consultation on August 3 covering the treatment of companies it considers predominantly non-operating. Under this proposal, Strategy, Metaplanet, and Yellow Cake would have been removed from the MSCI ACWI IMI if they were evaluated based on May 2026 data.

Strategy has formally opposed the proposal, calling it 'misguided' and 'inconsistent with established accounting principles.' The company argued that its Bitcoin business is reported as an operating segment under U.S. GAAP and SEC guidance.

MSCI's potential removal of Strategy from its index could trigger significant passive fund outflows. JPMorgan estimated in November 2025 that an MSCI exclusion could result in approximately $2.8 billion in outflows from MSCI-linked funds, potentially rising to around $8.8 billion if other major index providers adopt similar rules.