MSCI’s new index rules put Strategy at risk of removal starting November 30

MSCI is changing who gets a seat in its global indexes, and Michael Saylor’s Strategy is near the top of the list of firms that could lose theirs. New eligibility rules for non-operating companies take effect at the close of November 30, 2026. Strategy, the best-known Bitcoin treasury company, is flagged as potentially affected. If it does exit, JPMorgan estimates index-tracking funds could be forced to sell approximately $2.8 billion of its shares. What MSCI actually changed MSCI announced the overhaul on October 15, 2026. The changes apply to its Global Investable Market Indexes, a family of benchmarks that a large share of passive money tracks around the world. The process runs in two stages. First comes a screen to see whether a firm holds substantial operating assets. Companies that clear that hurdle then face a five-ratio financial test designed to separate real businesses from passive holding vehicles. Firms deemed non-operating become ineligible. The decision followed a consultation period that closed on September 30, 2026. The rules will be applied as part of MSCI’s November Index Review. Why Strategy is in the crosshairs Preliminary simulation data from May 2026 flagged S...