MSCI has finalized a new rulebook that could show Strategy the door.
On October 15, 2026, the index provider announced updated eligibility rules for its Global Investable Market Indexes (GIMI). Under the new framework, certain “non-operating companies” are now considered ineligible. Strategy (MSTR) and Metaplanet are among the firms that may be swept out.
Because trillions in passive money follow these lists, falling off means a lot of automatic buyers turn into automatic sellers.
What MSCI actually changed
The new rules replace a set of temporary screens that specifically targeted companies whose digital asset holdings exceeded 50%.
The replacement is broader. Instead of zeroing in on crypto, MSCI now asks whether a company actually operates a business or mostly holds assets. A company needs more than 50% of its total assets to be operating in nature to clear the bar.
MSCI also runs companies through five specific financial ratios. A firm gets flagged as non-compliant if it fails the operating assets test and also fails to pass four of the five ratios.
The new rules kick in starting with the November 2026 index review. The final list of affected companies is expected on November 11, 2026. Exclusions would take effect after the market closes on November 30, 2026.
Who is in the crosshairs
MSCI ran a simulation in May 2026 to see which companies the rules might catch. That exercise identified Strategy, Metaplanet, and Yellow Cake as susceptible to removal. SharpLink has also been part of the conversation, with concerns about how the rules might apply to it.
Both Strategy and Metaplanet have pushed back, arguing the changes unfairly target firms pursuing digital asset treasury strategies and could undermine their investment models.
The buffer that buys time
MSCI built in a buffer for companies already in its indexes. Those firms would not be removed until they fail the tests over two successive annual reporting periods, with available interim filings factored in.
How exactly the buffer interacts with the November 11 list will be the key thing to watch. Investors will want to know whether these companies are flagged for removal now or simply put on notice.
The money at stake
JPMorgan estimates that exclusion could trigger approximately $2.8 billion in outflows from Strategy shares held by passive funds.
So far, the market has reacted calmly. Shares of the affected companies saw only slight moves after the announcement, suggesting traders are waiting for the final roster rather than pricing in the worst case.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.