Strategy tells MSCI ‘Bitcoin doesn’t need you’ as $2.8 billion index risk hangs over MSTR
MSCI is consulting on a broader “non-operating companies” screen that could newly exclude firms like Strategy, Metaplanet, and Yellow Cake from major equity indexes. Under a May 2026 simulation, Strategy would have been among three deletions, and removal could drive an estimated $2.8 billion in passive selling of MSTR shares. The proposal is no longer crypto-specific: it uses asset, expense, cash flow, fair-value, and capital-dependence tests, with stricter rules for new entrants than for existing constituents. Existing members would also need to fail the screen in two consecutive annual reviews before deletion. Strategy argues MSCI should reflect markets, not shape corporate capital allocation. The risk matters because MSTR has long traded at a premium to its Bitcoin holdings, supporting equity-funded BTC purchases; index-driven selling could compress that premium and weaken future fundraising. MSCI decides by Oct. 16, with possible implementation in November 2026.
