Strategy founder Michael Saylor says removal from MSCI indexes would have limited impact on the company as the index provider prepares to apply new eligibility rules on Nov. 30.
MSCI has adopted a screen that makes non-operating companies ineligible for its Global Investable Market Indexes. An existing constituent would face removal only if it fails the screen in both of its two most recent annual filing periods. The rules take effect at the close of Nov. 30, and MSCI plans to publish a final list of potentially affected constituents Nov. 11.
In an interview, Saylor argued that the capital tracking MSCI indexes is too limited to make a removal consequential for Strategy. He said the company's use of Bitcoin (BTC) in its credit products makes it comparable to banks and insurers.
Saylor also questioned why MSCI counts oil, natural gas, land and machinery as capital while treating Bitcoin differently. He said the distinction disadvantages digital assets and urged the index provider to reconsider.
MSCI's consultation simulation, based on May 2026 data, identified Strategy as a possible deletion from the MSCI ACWI IMI. The exercise did not establish whether the company would fail the adopted rules.
Strategy has said funds tracking MSCI's Global Investable Market Indexes hold 3.1% of its basic shares outstanding. The company's estimate of MSCI-linked ownership does not quantify how many shares might be sold if it is removed. MSCI plans to release its final list Nov. 11, ahead of the Nov. 30 implementation.
