Overview
- MSCI approved the new exclusion rules in mid-October and will publish a final list of potentially affected companies on November 11 with changes effective at the close of November 30.
- The methodology first checks for substantial operating assets and then applies five ratio tests, with exclusion triggered when a company fails the operating-asset test and at least four of the five ratios.
- Existing index members receive a two-period buffer and must fail the screening in each of their two most recent annual filings before removal.
- An earlier MSCI simulation using May 2026 data flagged Strategy and Japan’s Metaplanet as at-risk, and Strategy has continued buying Bitcoin—disclosing a 250 BTC purchase financed largely by share issuance while also repurchasing preferred shares.
- Removal would not force firms to sell crypto or cause delisting but could prompt forced selling by index-tracking funds and reduce demand for shares, a risk JPMorgan estimated could mean roughly $2.8 billion of outflows for Strategy if it is excluded.