MSCI has adopted a screen for non-operating companies in its global equity indexes, setting new eligibility tests that may affect Strategy and other firms with large investment holdings.
MSCI announced the change Thursday, Oct. 15, and will use the revised method, with minor modifications, in its November 2026 Index Review. A preliminary list of potentially affected constituents is available; the final list is due Nov. 11. The changes take effect at the Nov. 30 close.
The method first checks whether a company’s operating assets exceed 50% of its total assets. Those that do not pass face five additional financial tests, and four or more flags would make a company ineligible. For current index members, removal requires failure of the full ineligibility screen in both of the two latest annual filing periods. MSCI may also consider a newer interim filing if one is available.
MSCI said the tests are intended to identify companies with limited operating activity, while buffers are meant to curb index turnover. The new approach replaces interim measures introduced in 2025 for companies whose digital-asset holdings amounted to at least half of total assets.
An MSCI simulation using May 2026 data listed Strategy, Metaplanet and Yellow Cake PLC as possible deletions from the MSCI ACWI IMI. The simulation did not establish whether any of the companies would fail the final rules. Strategy reported holding 848,250 Bitcoin (BTC) as of Oct. 11, at an average purchase price of $75,444 per coin.
Strategy shares closed at $136.83 Friday, Oct. 16, down 9.56%, according to Yahoo Finance historical data. The price move does not establish that MSCI’s rule change caused the decline.
In its response to MSCI, Strategy asked the index provider to withdraw the proposal. Its response put MSCI-linked fund ownership at 3.1% of its basic shares outstanding; that figure measures ownership, not expected sales after a possible removal.
