Update
MSCI Rules May Exclude Strategy from Index
MSCI has approved new rules that could lead to the exclusion of non-operating companies, including Michael Saylor's Strategy, from its Global Investable Market Indexes starting November 30, 2026. Strategy argues that the new classification unfairly targets digital asset treasury firms and questions MSCI's definition of non-operating companies, asserting its Bitcoin business qualifies as an operating segment. JPMorgan analysts estimate potential outflows of $2.8 billion from MSTR stock due to index exclusion, but market commentator Adrian Morris believes this impact is manageable.