ChainThink reports that on September 1, according to Decrypt, Michael Saylor, founder of Strategy, and CEO Phong Le jointly wrote to MSCI requesting the withdrawal of a new screening rule targeting "non-operating companies."
This rule evaluates five metrics—operating asset strength, fees, cash flow, fair value volatility, and dependence on external financing—and disqualifies an asset from index inclusion if any four of these criteria are triggered.
According to the MSCI consultation paper, if the rules are implemented, Strategy (with a float-adjusted market cap of approximately $23.93 billion), UK uranium miner Yellow Cake ($1.81 billion), and Japanese company Metaplanet ($654 million) will be removed from the MSCI Global Investable Market Index, while three other companies, including SharpLink, will be placed on watchlist.
Strategy accounts for approximately 87% of the combined market capitalization of the six companies above. JPMorgan previously estimated that if Strategy were removed, it could trigger about $2.8 billion in outflows; if other index providers follow suit, the scale could rise to $11.6 billion.
In his letter, Saylor called the rule "discriminatory, arbitrary, and incorrect," arguing that it essentially revives the "50% crypto asset holding" exclusion proposal that MSCI rejected in January.
The MSCI feedback deadline is September 30, results will be announced on October 16, and any changes will take effect in the November index review.