Michael Saylor · Polymarket · Strategy · JPMorgan · CryptoSlate
MSCI opened a consultation this month on rules designed to identify “non-operating companies” through their financial statements
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The firm noted that applying the proposed methodology to the MSCI ACWI IMI using May 2026 data would have resulted in three deletions, including Michael Saylor-led Strategy, Tokyo-listed Bitcoin holder Metaplanet, and London-listed uranium investor Yellow Cake.
Key facts
- Bitcoin is -0.84% over the past 24 hours and currently sits at rank # 1 by market cap
- For companies seeking inclusion, MSCI's proposed flags include operating assets below 20% of total assets, operating expenses below 5%, negative operating cash flow and non-operating fair-value
- The firm noted that applying the proposed methodology to the MSCI ACWI IMI using May 2026 data would have resulted in three deletions, including Michael Saylor-led Strategy, Tokyo-listed Bitcoin
- A Polymarket contract covering whether Strategy will be removed from either the MSCI World or MSCI USA Index by Dec. 31 was pricing the probability at about 73% this week
Summary
01 MSCI’s new consultation could classify Strategy as a non-operating company and remove it from major equity indexes. 02 JPMorgan previously estimated such an exclusion could drive about $2.8 billion in passive selling of MSTR shares. 03 Strategy says the rule misreads markets, while MSCI’s final decision arrives by Oct. 16 after feedback closes Sept. 30. Strategy faces a renewed threat of removal from major MSCI equity indexes under a broader screening proposal that could trigger an estimated $2.8 billion in passive selling. MSCI opened a consultation this month on rules designed to identify “non-operating companies” through their financial statements.