MSCI Wants Bitcoin Giant Strategy Out: $2 Billion Is on the Line

Index provider MSCI opened a public consultation on 14 August 2026 that would make so-called non-operating companies ineligible for its Global Investable Market Indexes. Applied to May 2026 data, the proposed screen deletes Strategy (MSTR), Metaplanet (3350) and uranium holder Yellow Cake (YCA) from the MSCI ACWI IMI. Feedback closes on 30 September, results arrive on 16 October, and any change takes effect at the November 2026 index review.

Why Does MSCI Want to Remove Strategy From Its Indexes?

MSCI argues that companies holding assets without running a substantive operating business should not qualify for equity indexes designed to track investable markets.

The msci strategy index removal proposal is the provider's second attempt in ten months. An earlier consultation opened on 10 October 2025 targeted digital asset treasury companies directly, defining them as firms holding 50% or more of total assets in Bitcoin or other digital assets. That proposal named 39 companies and triggered significant volatility in mstr stock.

Strategy objected formally in December 2025, arguing the 50% threshold was arbitrary and would cause repeated index entries and exits as the bitcoin price moved. MSCI confirmed on 6 January 2026 that it would not implement the exclusion at the February 2026 index review.