TheBlock
MSCI will use new eligibility rules in its November index review that could put Strategy, the world’s largest publicly traded Bitcoin holder, at risk of exclusion. The methodology will assess operating assets and five financial ratios, replacing interim restrictions aimed at companies with digital assets representing at least 50% of total assets.
Why it matters
The change shifts the test from a specific digital-asset threshold to a broader assessment of whether a company has mainly non-operating assets and meets financial-ratio screens. MSCI said buffers will apply to both the ratio thresholds and the timing of additions and removals to reduce index turnover.
The rules also use a two-period test. A company that is not already in an index cannot be added if it fails the ineligibility screen in either of its two most recent annual filing periods. An existing constituent will be removed if it fails in both periods. MSCI may also consider the most recent interim filing when one is available.
Market impact
A May 2026 simulation flagged Strategy, Metaplanet and Yellow Cake as potentially affected. The rules could also affect Ethereum treasury firm SharpLink. MSCI will publish the final list of potentially affected companies on Nov. 11.
Strategy Executive Chairman Michael Saylor and CEO Phong Le previously called the proposal discriminatory toward digital-asset treasuries. In a September letter, Strategy said the proposal would not meaningfully affect its business but would harm MSCI’s reputation as a neutral index provider. The practical outcome will depend on the company screens and filing-period tests in the November review.
Frequently asked questions
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When do MSCI’s new eligibility rules take effect?
The methodology takes effect with MSCI’s November index review.
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What replaces MSCI’s interim 50% digital-asset restriction?
MSCI will assess operating assets and five financial ratios instead of relying on the interim restriction targeting companies with digital assets at 50% or more of total assets.
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How do the rules treat companies seeking index inclusion?
A company that is not already a constituent is ineligible for addition if it fails the ineligibility screen in either of its two most recent annual filing periods.
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Which treasury firms were flagged in MSCI’s simulation?
A May 2026 simulation flagged Strategy, Metaplanet and Yellow Cake. Ethereum treasury firm SharpLink could also be affected.
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When will MSCI name the potentially affected companies?
MSCI plans to publish the final list of potentially affected companies on Nov. 11.
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