Update
MSCI to Remove Bitcoin Treasury Companies from Indexes
MSCI, an index provider, has finalized a rule change that will classify 'non-operating companies' as ineligible for inclusion in its equity indexes starting November 30. This includes firms whose balance sheets are dominated by a single asset, such as Bitcoin treasury companies like Michael Saylor's Strategy. The change, aimed at firms with passive investment vehicles rather than real businesses, will take effect as part of MSCI's November index review. Companies that fail an initial 'core screen' and meet four or more of five financial ratios will be flagged as ineligible.