MSCI just finalized rules that could push Strategy out of its indexes. Can it withstand?
On 15 October 2026, index provider MSCI finalized how it will treat companies that mostly hold assets, such as crypto, instead of running an operating business. Here is what the rules say, and what they do not.
1. The rule
MSCI will use screens for operating assets and five financial ratios to decide whether a company counts as a non-operating company. This replaces an interim restriction aimed at companies whose digital assets were at least 50% of total assets. MSCI said buffers apply both to the ratio thresholds and to the timing of inclusion and removal. The source we read does not list the five ratios. [1]
2. The timing
The method takes effect with the November index review. MSCI will publish the final list of potentially affected companies on 11 November. [1]
3. The buffer
An existing index member is removed only if it fails the screen in each of its two most recent annual filing periods; MSCI may also use the latest interim filing. A company not yet in the index cannot be added if it fails in either period. [1]
4. What is at stake
In November 2025, JPMorgan estimated roughly $2.8 billion of passive selling if MSCI excluded Strategy. That estimate is almost a year old and is not a forecast for this review. [2] [3]
5. The reaction
Earlier this year, Strategy’s executives called MSCI’s approach “discriminatory” toward digital asset treasury companies; in a September letter the company said the proposal would have no meaningful impact on its business. [1] Strategy’s shares were up about 5.6% at 3:55 p.m. ET on 15 October versus the previous close (intraday data). [4]
6. The test
Nothing is decided for any single company until the 11 November list. Watch that list and the November review.
Sources
- The Block, “MSCI rules could exclude Strategy from indexes,” 15 Oct 2026. theblock.co
- The Block, “JPMorgan says Strategy could face billions in outflows if MSCI and other major indices remove it,” Nov 2025. theblock.co
- Decrypt, “Bitcoin giant Strategy could shed billions if removed from stock indices: JPMorgan,” Nov 2025. decrypt.co
- Daily and 5-minute prices, Strategy shares, via Yahoo Finance, 14–15 Oct 2026. finance.yahoo.com
Image credits
- Cover and carousel slide 1: illustration made for YosQuant.