MSCI’s new index rules put Strategy at risk of removal starting November 30

Michael Saylor's Bitcoin treasury company is flagged under MSCI's new non-operating company rules, with JPMorgan estimating about $2.8 billion in potential passive selling

MSCI is changing who gets a seat in its global indexes, and Michael Saylor’s Strategy is near the top of the list of firms that could lose theirs.

New eligibility rules for non-operating companies take effect at the close of November 30, 2026. Strategy, the best-known Bitcoin treasury company, is flagged as potentially affected. If it does exit, JPMorgan estimates index-tracking funds could be forced to sell approximately $2.8 billion of its shares.

MSCI announced the overhaul on October 15, 2026. The changes apply to its Global Investable Market Indexes, a family of benchmarks that a large share of passive money tracks around the world.

The process runs in two stages. First comes a screen to see whether a firm holds substantial operating assets. Companies that clear that hurdle then face a five-ratio financial test designed to separate real businesses from passive holding vehicles.

Firms deemed non-operating become ineligible. The decision followed a consultation period that closed on September 30, 2026. The rules will be applied as part of MSCI’s November Index Review.

Preliminary simulation data from May 2026 flagged Strategy alongside two other names: Metaplanet, a Japanese company that has also pursued a Bitcoin treasury strategy, and Yellow Cake, which holds physical uranium.

The timeline still has a few steps left. MSCI plans to publish a final list of affected companies on November 11, 2026.

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Existing index members like Strategy also benefit from buffer protections. Under those buffers, a company must fail the eligibility criteria across two successive review periods before its removal becomes effective.

JPMorgan has put a number on the potential fallout. The bank estimates that removal from MSCI-related indexes could trigger approximately $2.8 billion in passive selling pressure on Strategy’s stock.

According to JPMorgan, funds tracking MSCI benchmarks hold nearly 3.1% of Strategy’s shares.

Strategy’s executive chairman has brushed off the threat. In a Bloomberg interview on October 13, 2026, Michael Saylor argued that index classifications should reflect what is happening in markets rather than dictate how companies run themselves.

If Strategy is ultimately removed, the roughly $2.8 billion JPMorgan sketched out would hit the market through forced, price-insensitive selling.

Metaplanet’s inclusion on the flagged list shows the rules reach beyond one American company. Other firms considering a treasury pivot now have to weigh the possibility of losing index eligibility.

The dates to watch are clear. November 11, 2026 brings MSCI’s final list of affected companies. November 30, 2026 is when the new framework takes effect. And the buffer rule means the real decision on Strategy’s index future may hinge on whether it fails the test a second time.