The firm highlighted that MSCI is considering a modification to its index criteria that would classify “Non-Operating Companies” as ineligible for inclusion in its Global Investable Market Indexes (GIMI).
Such a classification would result in the exclusion of companies like Strategy from indices that are accessible to a substantial demographic of institutional investors. MSCI is deliberating on this decision due to the fact that Strategy is primarily recognized for its substantial Bitcoin holdings rather than a conventional operating business.
Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own. MSCI’s proposal puts it out of step with regulators, markets, and its own customers. Bitcoin doesn’t need MSCI. Neither does Strategy. $BTC $MSTR
— Strategy (@Strategy) August 14, 2026
On social media platform X, Strategy commented: “Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own. MSCI’s proposal puts it out of step with regulators, markets, and its own customers.”
Furthermore, it stated: “Bitcoin doesn’t need MSCI. Neither does Strategy.”
The consultation process also involves other entities, including Japanese Bitcoin treasury Metaplanet, listed on the Tokyo Stock Exchange, and uranium investment firm Yellow Cake.
According to financial filings as of May 2026, both Strategy and Metaplanet already satisfy the criteria for potential exclusion under MSCI’s proposed regulations.
Should MSCI adopt the proposal as presently formulated, along with unchanged financial profiles for these companies, both would likely be removed from the MSCI ACWI IMI Index during the scheduled November 2026 Index Review. This action could instigate forced sell-offs by index-tracking funds, resulting in the loss of future passive inflows.
MSCI is actively seeking feedback regarding this proposal until September 30 and has indicated that the consultation “may or may not result in changes to MSCI indexes.” This suggests that the rule could be altered, postponed, or entirely revoked based on the feedback from impacted companies and market stakeholders. Furthermore, any modifications to a company’s financial status prior to the review could influence the outcome.
Strategy, formerly MicroStrategy and listed on Nasdaq, began acquiring Bitcoin in August 2020 to enhance shareholder returns amidst the COVID-19 pandemic.
To date, the company has invested approximately $63.3 billion in Bitcoin, positioning itself as the largest corporate holder of the digital asset. This allows investors to gain exposure to Bitcoin through its stock without needing to directly purchase and hold the cryptocurrency.
Strategy’s actions have inspired numerous imitators who have opted to acquire not just Bitcoin, but other cryptocurrencies, in an effort to elevate their stock valuations.
As of Friday, Strategy’s stock (MSTR) was trading nearly 3% lower at a price point of approximately $95 per share, reflecting a year-to-date decline of nearly 40%.
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