MSCI has launched a new consultation that could significantly impact Strategy (MSTR), the largest corporate Bitcoin holder. The index provider is considering new eligibility rules that would exclude companies with limited operating businesses from its Global Investable Market Indexes (GIMI). If approved, Strategy could be removed from several widely tracked global equity indexes. This could happen as early as November 2026.
Strategy Named Among Potential Deletions
Under MSCI’s proposed framework, companies would need to pass at least two out of five financial screening tests to remain eligible.
Based on its FY2025 financial filings, Strategy reportedly fails all five of those tests. This makes it one of the strongest candidates for removal if the proposal moves forward without major changes.
MSCI’s simulation identifies Strategy, Yellow Cake, and Metaplanet as companies that would likely be deleted from the MSCI ACWI Investable Market Index (ACWI IMI). In addition, three other companies would be placed on a watchlist under the proposed methodology.
Broader Review, Not a Crypto-Only Rule
The latest consultation marks a shift in MSCI’s approach.
Earlier, MSCI had considered introducing rules specifically targeting Digital Asset Treasury Companies, but later abandoned that proposal. Instead, the firm has now launched a broader review. This new review covers all companies whose primary business operations may no longer meet its updated operating company standards.
As a result, the proposal extends beyond crypto-focused firms and could affect businesses across multiple sectors.
Billions in Passive Outflows at Stake
If Strategy is ultimately removed from MSCI indexes, analysts estimate it could trigger sizable passive fund selling.
Earlier projections suggested index-linked funds could be forced to sell around $2.5 billion to $2.8 billion worth of Strategy shares. Based on the company’s current market price, that estimate has now been revised. It is now roughly $1.8 billion to $2.0 billion in potential outflows.
Although no final decision has been made, Strategy’s inclusion in MSCI’s own simulation highlights the possibility of significant market impact.
Key Dates to Watch
The consultation remains open until the end of September, giving investors and market participants time to submit feedback.
MSCI is expected to publish its final methodology on October 16. Meanwhile, the official November 2026 Index Review, scheduled for November 11, will determine whether Strategy and the other identified companies are formally removed from the indexes.
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