Strategy at Risk of Removal from MSCI Indexes Due to New Eligibility Rules

MSCI Introduces New Eligibility Rules for Non-Operating Companies

MSCI announced the overhaul on October 15, 2026, and the changes apply to its Global Investable Market Indexes, a family of benchmarks that a large share of passive money tracks around the world.

New Eligibility Criteria for Non-Operating Companies

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.

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.

Buffer Protections for Existing Index Members

Existing index members like Strategy also benefit from buffer protections. Under those buffers, a company must fail the eligibility criteria across two successive review periods before its removal becomes effective.

Market Impact and Response

The $2.8 billion question JPMorgan has put a number on the potential fallout. The bank estimates that removal from MSCI-related indexes could trigger approximately $2.8 billion in passive selling pressure on Strategy's stock.

Executive Chairman's Response

Strategy's executive chairman has brushed off the threat. In a Bloomberg interview on October 13, 2026, Michael Saylor argued that index classifications should reflect what is happening in markets rather than dictate how companies run themselves.