MSCI Considers Index Rule Changes Threatening Exclusion of Strategy and Bitcoin Treasury Firms

MSCI has proposed a two-step framework for non-operating companies that could exclude firms holding substantial Bitcoin reserves from its equity benchmarks, with decisions due on November 11, 2026. The rules mandate that operating assets exceed 50 percent of total assets, followed by secondary financial ratio checks. Strategy, holding 848,517 BTC acquired for $64.02 billion, represents 93.6 percent of the $43.05 billion float-adjusted market cap across five potential deletions. An estimated 13 million Strategy shares, or 3.1 percent of its basic shares outstanding, are held by index-tracking funds, potentially dampening equity demand if excluded.