MSCI's New Rule Threatens Saylor's Bitcoin Treasury Again

Michael Saylor's corporate Bitcoin treasury strategy is facing another threat from MSCI, the same catalyst that led to the October 10 crash. On that day, more than $19 billion in leveraged positions were liquidated within 24 to 48 hours, and Bitcoin dropped from around $122,000 to $105,000.

MSCI's new rule targets 'Non-Operating Companies,' which includes companies that mainly hold assets instead of running a normal business. Strategy has already failed the test using May 2026 data, along with Metaplanet and Yellow Cake, a company that holds physical uranium.

The removal of Strategy from major global indexes could create selling pressure on Bitcoin, potentially triggering another wave of forced selling. JPMorgan estimated that the earlier MSCI plan could have created around $8.8 billion in forced selling of Strategy shares.