MSCI Proposal Threatens Strategy's Index Inclusion

Strategy, the largest corporate Bitcoin holder, may face removal from several major global indexes due to changes in MSCI's eligibility rules. The index provider is considering new guidelines that would exclude companies with limited operating businesses from its Global Investable Market Indexes (GIMI). If approved, Strategy could be removed as early as November 2026.

The proposal, which is currently open for feedback until the end of September, aims to ensure that only companies with significant financial activities are included in MSCI's indexes. Strategy reportedly fails all five financial screening tests based on its FY2025 financial filings, making it a strong candidate for removal if the proposal moves forward without major changes.

According to MSCI's simulation, Strategy, Yellow Cake, and Metaplanet would likely be deleted from the MSCI ACWI Investable Market Index (ACWI IMI), while three other companies would be placed on a watchlist. If removed, analysts estimate that index-linked funds could sell around $1.8 billion to $2.0 billion worth of Strategy shares.

The proposal extends beyond crypto-focused firms and could affect businesses across multiple sectors. MSCI's shift in approach marks a broader review of companies whose primary business operations may no longer meet its updated operating company standards.