MSCI MOVES CLOSER TO EXCLUDING STRATEGY AND OTHER BITCOIN TREASURY COMPANIES FROM ITS GLOBAL EQUITY INDEXES MSCI is advancing a proposed methodology that could remove Michael Saylor’s Strategy ($MSTR), Japan’s Metaplanet, and other digital asset treasury companies from its Global Investable Market Indexes. The proposed framework would classify companies primarily engaged in accumulating financial assets as “non-operating,” making them ineligible for inclusion in major equity benchmarks. The potential consequences are significant: - JPMorgan estimates $2.8 billion in forced selling of MSTR shares by passive funds tracking MSCI indexes. - Broader outflows could reach $8.8 billion if other index providers adopt similar rules. - Strategy’s counter-analysis suggests MSCI-tracking funds hold approximately 3.1% of its outstanding shares. A final decision is expected around October 16, with implementation potentially beginning November 30.