Strategy Slams MSCI's New Delisting Test as 'Fundamentally Flawed'

Michael Saylor's company Strategy (MSTR) has pushed back against another attempt by index provider MSCI to remove it from its indices. In a letter to MSCI, Strategy said that MSCI's new eligibility test is 'fundamentally flawed' and would unfairly delist Strategy and Metaplanet, while adding SharpLink to a watchlist.

The test, which was released in the same year as an earlier proposal that MSCI withdrew, would exclude companies deemed 'non-operating,' a term that Strategy argues is undefined in accounting standards. Strategy said it meets MSCI's own test under GAAP, citing SEC talks and its latest 10-Q, which reported Bitcoin gains and losses within operating expenses.

This is the second time this year that Strategy has pushed back against an MSCI effort to remove it from its indices. In October 2025, MSCI proposed excluding firms with heavy exposure to equities, but ultimately decided not to exclude digital asset treasury (DAT) firms after facing opposition from over 250 organizations and 1,500 signatories.