Overview
- Strategy, which sent a public letter to MSCI Monday, called the proposed ‘non‑operating company’ screen discriminatory and asked MSCI to withdraw the proposal or rework it to follow recognized accounting or legal standards.
- MSCI’s consultation would first flag companies whose operating assets are under 50% of total assets and then apply five financial tests where failing at least four could make a firm ineligible for MSCI Global Investable Market Indexes.
- A May 2026 MSCI simulation identified Strategy, Metaplanet and Yellow Cake for possible deletion and put SharpLink, Center Laboratories and Lydia Holding on a watchlist, with Strategy representing roughly 87% of the float‑adjusted market value at risk.
- Strategy asked MSCI to apply any new rule only to filings made after a finalized methodology, to publish the consultation record, and to place a legal hold on documents related to the test’s development.
- MSCI is accepting feedback through Sept. 30 with a decision due by Oct. 16 and proposed index changes slated for the November/December review period, a move that analysts say could force index‑tracking funds to sell and trigger material short‑term pressure on affected shares.