MSCI's new index rules threaten Strategy's Bitcoin treasury and index membership

MSCI approved new methodology excluding non-operating businesses from its Global Investable Market Indexes, putting Strategy (MSTR) at risk of losing index-linked investment. The changes take effect after Nov. 30 market close, with affected companies listed Nov. 11. MSCI identified Strategy, Metaplanet and Yellow Cake for potential deletion in August simulation. Companies failing substantial operating asset screen face five financial-ratio tests; flagged on four or more become ineligible. JPManalysts estimate MSCI removal could trigger approximately $2.8 billion in passive selling of MSTR shares. Strategy trades nearly 69% below peak, with executives arguing exclusion would undermine MSCI's neutrality.