The Zhitong Finance App learned that Strategy (MSTR.US) welcomed the November index review by index provider MSCI on Wednesday. This is the first review under the new “non-operating company” regulations. Companies that focus on digital asset holdings may lose their eligibility for the benchmark index as a result. MSCI will announce the list of adjustments shortly after 17:00 EST on Wednesday. The changes will take effect after the market closes on November 30.
According to the latest consulting report released by MSCI in August, a simulation using data from May 2026 shows that Strategy will be one of the three companies excluded from the MSCI ACWI IMI Index. The other two are Japanese Bitcoin treasury company Metaplanet and uranium investment company Yellow Cake. Ethereum treasury company SharpLink (SBET.US) and others were included in the public watch list.
Rule clash: MSCI promotes “non-operating” review
The two sides have been fighting for a long time. In October of last year, MSCI froze the index weight of companies whose digital assets account for 50% or more of their total assets. Strategy Executive Chairman Michael Saylor responded at the time: “Index classification does not define us.”
However, MSCI did not directly eliminate related companies in January of this year; it only kept the authority frozen, and instead examined “non-operating companies” with a wider scope of scrutiny.
Strategy then wrote to its Stock Index Committee, saying the new regulations were “discriminatory, arbitrary, and misleading.” The company believes that the division between operating and non-operating assets is not defined under standard accounting rules. This so-called industry-neutral screening actually had the greatest impact on digital asset treasury companies.
Strategy requires MSCI to withdraw the rules or revise them with clear definitions and objective criteria, and publish its consultation records and explain how to set thresholds. Strategy said the change had little impact on its own business, but could damage MSCI's reputation as a neutral index provider.
Rule implementation: set a buffer period and unfreeze weights
MSCI confirmed the rules last month, calling them “minor revisions” to the August proposal. Judging from the rule design, companies are first screened for operating assets, and those that have not passed customs are then examined based on five financial ratios. Any company judged to be unqualified on four or more indicators will be disqualified from inclusion. However, in order to limit index changes, current constituent stocks must not pass the filing period for two consecutive years before they can be removed, and MSCI will also lift the weight freeze on digital asset-intensive companies during the November review.
Market sentiment: long-term institutions are optimistic, retail investors are extremely bearish
Not all investors are concerned, though. Anthony Scaramucci, founder and managing partner of SkyBridge Capital, said last month that short-term investors would be disappointed, “but if you can hold this security for four or five years... you'll reap incredible returns.”
However, on the StockTwits platform, retail sentiment about Strategy declined further from “bearish” to “extremely bearish,” while discussions remained low.
As of press time, Strategy was up 1.9% in the premarket.