Michael Saylor’s Strategy in Trouble? MSCI’s New Rules Put Index Status at Risk

A May 2026 test identified Strategy, Metaplanet, and Yellow Cake as potential candidates for removal from MSCI's index. Michael Saylor-led Strategy could face removal from major global stock indexes after MSCI approved new rules for companies it considers non-operating. The index provider announced this week that it would exclude these companies from its Global Investable Market Indexes. The new rules will take effect at the close of November 30, 2026, as part of MSCI’s November index review. Non-Operating Firms Targeted The move comes after MSCI previously considered excluding companies whose digital asset holdings made up at least 50% of their total assets. Strategy had opposed that proposal as well. In its response to MSCI’s consultation, the BTC treasury company argued that the new rules target digital asset treasury firms under a different name. It also questioned MSCI’s definition of a non-operating company, while adding that the terminology has no basis in US GAAP, IFRS, or any recognized legal framework. Strategy maintained that its Bitcoin business qualifies as an operating segment under US accounting rules, consistent with discussions with SEC staff. The company also asse...