The index fight Strategy thought it had won in February is back, with a broader rulebook. On Thursday, MSCI opened a new consultation that would screen so-called non-operating companies out of its global equity indexes — and in a backtest against May 2026 data, three companies fail outright: Strategy, Metaplanet, and the uranium holder Yellow Cake, per CoinDesk. Three more — SharpLink, Center Laboratories and Lydia Holding — would land on a watchlist. The feedback window runs through September 30, results are due October 16, and any deletions would take effect in the November 2026 index review, per Benzinga.
The two-step test, and why it is harder to dodge this time
The October 2025 version of this fight used a blunt instrument: exclude companies whose digital assets exceeded 50% of total assets. Strategy formally objected that the threshold was arbitrary — a company could bounce in and out of indexes as the bitcoin price moved — and after broad industry pushback MSCI declined to implement it in the February 2026 review, per Benzinga’s recap. The new screen is subtler, per MSCI’s consultation document as reported by TradingView News: step one asks whether a company’s core business assets exceed 50% of everything it owns — pass, and you stay with no further scrutiny. Fail, and step two applies five financial ratios testing whether the company runs a real operating business, generates its own cash, and does not rely entirely on outside capital to grow. Fail four of the five and you are out. By framing the rule around “non-operating companies” generally — catching a uranium trust alongside the bitcoin treasuries — MSCI has stripped away the argument that it is singling out digital assets.
Strategy’s answer: defiance, in public and in the building
Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own… Bitcoin doesn’t need MSCI. Neither does Strategy. — Strategy, posting on X, August 14, 2026, as reported by CoinDesk and Bloomingbit
The company’s formal response, published at strategy.com/msci, argues MSCI’s proposal puts the index provider “out of step with regulators, markets, and its own customers,” per CoinDesk. Behind the defiance, the channel is open: Executive Chairman Michael Saylor is reportedly in direct talks with MSCI over the potential exclusion, per Seeking Alpha. Both things were true last cycle too — public pushback, private negotiation — and last cycle Strategy won: when MSCI shelved the first proposal in February, the stock jumped more than 6% in a session, per Seeking Alpha.
Why the stakes are larger than pride
Index membership is plumbing, and plumbing moves money mechanically: funds tracking MSCI’s ACWI IMI and related benchmarks must sell a deleted stock regardless of view. When the first exclusion proposal surfaced in October 2025, it was widely tagged as a catalyst in that autumn’s crypto-equity drawdown — CryptoRank calls the current proposal the return of a “Crypto Black Friday” catalyst. And the timing lands on a sector already bruised: Strategy has sold bitcoin in four consecutive weeks — including 1,638 BTC at roughly 15% below its basis, as we covered on August 6 — while Metaplanet’s treasury sits an estimated $1.4 billion underwater, as we covered on August 13. MSTR closed Friday alongside a bitcoin price near $63,000, with CoinDesk’s live blog pairing the MSCI threat with the market’s slide as the day’s twin stories. The treasury-company model was built on cheap equity capital flowing through index inclusion; the screen aims at exactly that artery.
What we are committing to watch
Today’s Markers column commits V1: MSCI’s October 16 results adopt the non-operating screen with Strategy slated for deletion in the November review. Precedent argues against — MSCI blinked once, and Strategy’s lobbying machine is engaged early this time. The design of the new rule argues for — it is broader, more defensible, and was explicitly promised as the follow-up when the first attempt was shelved. Between now and settlement, the tells are: the volume and identity of consultation responses by September 30 (index-fund customers matter more to MSCI than crypto companies do), any softening in MSCI’s language about the five-ratio threshold, and whether Metaplanet — facing the same screen with a weaker balance sheet — responds with a restructuring rather than a press release.
Which companies would MSCI’s new screen exclude?
Backtested on May 2026 data: Strategy, Metaplanet and Yellow Cake fail outright; SharpLink, Center Laboratories and Lydia Holding would be watchlisted, per MSCI’s consultation document as reported by CoinDesk and Benzinga.
When would exclusions take effect?
Consultation feedback closes September 30, 2026; results are expected October 16; changes would be implemented in the November 2026 index review.
Did MSCI try this before?
Yes. An October 2025 consultation targeting companies with digital assets above 50% of total assets was shelved in the February 2026 review after industry backlash, and Strategy’s stock rose over 6% on the reprieve.
Why does index exclusion matter for MSTR?
Passive funds tracking MSCI benchmarks would be forced to sell on deletion, and the treasury model depends on equity capital raised at index-supported valuations. Exclusion would raise Strategy’s cost of capital mechanically.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and crypto-linked equities are volatile and you can lose money. Do your own research and consult a licensed financial advisor before making investment decisions.