MSCI Finalizes Index Rule Changes That Could Exclude Bitcoin Treasury Firm Strategy
MSCI Inc. (NYSE:MSCI) has finalized new index rules aimed at non-operating companies, setting up potential index exclusions for firms holding large digital asset treasuries such as Strategy Inc. (NASDAQ:MSTR). The updated methodology, taking effect with the November index review, introduces screens for operating assets and five financial ratios. This replaces previous interim rules that restricted companies whose digital asset holdings made up at least half of their total assets.
Under the new criteria, current index members will be dropped if they fail ineligibility screens across their two most recent annual filing periods, though buffer rules will be used to limit turnover. A May 2026 simulation flagged bitcoin holder Strategy alongside Metaplanet, Yellow Cake, and SharpLink. Strategy Executive Chairman Michael Saylor and CEO Phong Le previously criticized the changes as discriminatory, arguing the move could harm the provider's reputation.
MSCI will publish its final list of potentially affected companies on November 11. Following the announcement, Strategy Inc. Class A shares rose 5.62% to $151.30, while MSCI Inc. Class A shares gained 2.60% to $575.10.
Key points
- MSCI finalized index rules targeting non-operating companies, which may result in excluding crypto treasury firms.
- The rules assess companies via operating asset screens and five financial ratios starting with the November index review.
- Existing members will be excluded if they fail ineligibility tests in their two most recent annual filing periods.
- MSCI plans to publish the official list of potentially affected companies on November 11.
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Why might Strategy be excluded from MSCI indexes?
MSCI finalized new index rules evaluating companies on operating assets and five financial ratios, which target non-operating companies and firms holding large digital asset treasuries.
When will MSCI announce which companies are affected by the new rules?
MSCI will release its official list of potentially affected companies on November 11, ahead of the November index review.
How are existing index constituents evaluated under MSCI's new rules?
Existing constituents will be removed if they fail the ineligibility screen in each of their two most recent annual filing periods, with buffer rules applied to limit turnover.