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Strategy warns MSCI rules could spur $2.8 billion in passive selling

The firm says the new MSCI methodology could make Strategy ineligible, citing a $2.8 billion estimate for passive sales if removals occur.

Reported · Written up by our desk · Market Structure

Strategy, the Michael Saylor-led Bitcoin holding company, is warning that proposed MSCI index rules could lead to its removal from major equity benchmarks, with an estimated $2.8 billion in passive selling tied to deletions. CryptoSlate reports that MSCI opened a consultation on screening rules aimed at identifying “non-operating companies” using information in firms’ financial statements.

The company said the proposal goes beyond MSCI’s earlier crypto-focused approach. MSCI previously dropped a plan that would have excluded firms when digital assets made up at least 50% of total assets, and it said Strategy would remain eligible while it examined a wider set of businesses that appear predominantly investment-oriented.

Under the new methodology, CryptoSlate reports that companies first face a core screen based on operating assets as a share of total assets. Firms above 50% operating assets pass, while those below are evaluated in a second stage using five financial tests covering operating assets, operating expenses, cash generation, fair-value exposure, and dependence on external capital, with ineligibility expected after failing the core screen and triggering at least four flags.

CryptoSlate also reports that Strategy pushed back, arguing index providers should reflect market realities rather than influence corporate asset allocation, and stating, “Bitcoin doesn’t need MSCI. Neither does Strategy.” MSCI noted that applying the rules to the MSCI ACWI IMI using May 2026 data would have resulted in three deletions, including Strategy, Metaplanet, and Yellow Cake.

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