Strategy Challenges MSCI's Latest Bid To Sideline It From Global Equity Indexes

Strategy ($MSTR), the Bitcoin treasury firm led by tech billionaire Michael Saylor, is challenging MSCI's latest proposal to exclude it from global equity indexes. The new framework, which remains open for feedback until September 2026, proposes a five-screen test to identify 'non-operating companies' that hold more than half of their assets in non-operating investments.

Strategy argues that index constructors should simply reflect market realities rather than dictate corporate ownership choices. The company claims that digital assets qualify as legitimate assets and that MSCI's approach puts it at odds with regulators, markets, and its own clients.

The new framework would exclude companies whose operating assets fall below 50% of total assets and fail at least four of the five financial-ratio screens. Existing index members receive more lenient thresholds but must still meet certain criteria to avoid deletion.

According to a simulation, Strategy, Metaplanet, and Yellow Cake would have been removed from the MSCI ACWI IMI index under the new framework. The exclusion could prompt $2.8 billion in passive outflows from Strategy shares if other providers follow.