Overview
- MSCI adopted its “non‑operating companies” methodology on Oct. 15, using an operating‑assets screen plus five financial ratios to judge eligibility for its Global Investable Market Indexes.
- The firm will publish a final list of potentially affected constituents on Nov. 11 and will implement any index changes after the close of Nov. 30, 2026.
- Companies that fail the operating‑assets test and at least four of the five ratio screens can be deemed ineligible, but current index members must fail across two consecutive annual filing periods before removal.
- Earlier MSCI simulations using May 2026 data flagged Strategy (MSTR), Japan’s Metaplanet and U.K. investor Yellow Cake as candidates, though those names remain potential deletions rather than confirmed removals.
- Market firms warn that exclusion would force index funds to sell the stock, which analysts estimate could mean billions in passive outflows and could weaken these companies’ ability to raise equity to buy more bitcoin.