MSCI has adopted new index eligibility rules for non-operating companies, bringing its review of businesses resembling passive investment vehicles to a decision. The provider’s October 15 announcement sets implementation for the November index review, effective at the close of November 30. It does not confirm Strategy’s removal.
The final list of affected constituents is due November 11. Companies that fail an initial operating-assets screen will face five financial tests; failing at least four makes a security ineligible. Existing constituents face removal only if they fail the exclusion screen in both of their two most recent annual filing periods.
Before the announcement, Strategy executive chairman Michael Saylor told Bloomberg on October 13 that MSCI’s position was disappointing and unfair to digital assets. He said the capital controlled by the provider was relatively small and expressed hope that it would reconsider. Asked whether he expected exclusion, he offered no particular expectation.
Saylor also disputed the characterization of Strategy as a passive asset holder. He described digital credit as its product and said actively managing capital to create financial products makes it an operating business, drawing comparisons with banks and insurers. Those comments preceded MSCI’s final methodology announcement by two days.
The index review comes as Strategy continues its Bitcoin treasury activity. In its latest purchase update, the company disclosed buying 250 BTC for $21.5 million during October 5–11, lifting holdings to 848,250 BTC. It also reported $192.4 million in STRC preferred-share repurchases over the same period.
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