MSCI Inc. has introduced new rules that could lead to the exclusion of Strategy Inc. from its global equity benchmarks. The decision, announced on October 15, 2026, establishes financial tests that may render Strategy ineligible for inclusion in MSCI’s indexes. The new framework takes effect at the close of November 30, 2026, though Strategy will not be immediately removed.
The move could trigger billions of dollars in stock sales, as Strategy’s presence in these benchmarks supports the financing model behind Michael Saylor’s extensive Bitcoin holdings. MSCI’s decision to exclude companies classified as non-operating businesses under its new framework has raised concerns about the long-term impact on Strategy’s financial strategy.
The exclusion could add fresh pressure to the financing model behind Saylor’s vast Bitcoin holdings, potentially disrupting the stability of his investment strategy. While the immediate impact is limited, the new rules set a precedent that may force Strategy to adapt its business model to meet MSCI’s evolving criteria.