MSCI to Remove Strategy From Global Indexes Under New Asset Rules

MSCI will remove Strategy (MSTR) from its flagship equity benchmarks effective November 30, 2026, following new eligibility rules targeting companies dominated by non-operating assets. The decision excludes the Bitcoin treasury firm from the MSCI USA Index and, consequently, the MSCI World and MSCI ACWI indices, potentially triggering selling by passive funds tracking these benchmarks. Strategy, which held 850,364 bitcoins as of November 8, had challenged the methodology, arguing that it unfairly penalized digital asset treasury companies. The new rules exclude firms whose operating assets represent 50% or less of total assets and meet additional financial criteria. MSCI also removed four other companies, including Japan’s Metaplanet and UK-listed Yellow Cake. The decision raises broader questions about index eligibility for companies primarily holding cryptocurrencies and other financial assets.