MSCI 采纳新规将“非经营性公司”列为不合格成分，Strategy(MSTR) 暂不被立即剔除但面临 11 月 30 日后被动抛售压力

MSCI Inc. adopted new rules that could ultimately push Strategy Inc. out of its global equity benchmarks, potentially triggering billions of dollars in stock sales and adding fresh pressure to the financing model behind Michael Saylor’s vast Bitcoin holdings.

The index maker said Thursday it will exclude companies classified as non-operating businesses under a new framework that takes effect at the close of Nov. 30. While the decision does not immediately remove Strategy from its benchmarks, it establishes financial tests that could render the company ineligible for inclusion in MSCI’s global equity indexes.

“MSCI will implement the proposal to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes, as set out in the consultation announced on August 3, 2026, with minor modifications,” the index-maker said in a statement. Existing constituents must fail a number of financial tests to be removed.

Shares of Strategy were lower by 2% in post-market trading. The company did not immediately respond to requests for comment.

An eventual removal could deal a blow to the crypto-treasury model that Strategy — a former enterprise-software company — pioneered, in which firms amass large token hauls by tapping capital markets via stock sales, debt and complex securities offerings.

Perhaps most importantly, a removal can pressure a stock by shrinking the pool of investors required to hold it. JPMorgan, for one, had last year estimated that such an event could trigger as much as $2.8 billion of Strategy sales due to exclusion by MSCI, and potentially another $8.8 billion if other indexes follow suit.

“Index inclusion is very important for a company like Strategy because it provides a level of programmatic consistent buying, anything from weekly 401k contributions to the stock market, to mutual funds,” said Brian Dobson, managing director for disruptive technology research at Clear Street. “If a company is removed from an index, it’ll experience some short-term selling pressure as people mirroring that index liquidate positions.”

Strategy, whose Bitcoin haul totals almost $70 billion, is already grappling with waning demand for a variety of its securities among investors who wanted to partake in its innovative financing model.

Selling common stock at a premium to the value of its crypto holdings was the initial way that Saylor fueled the exponential growth to turn the firm into the world’s largest digital-asset treasury company. That premium later evaporated amid concern about shareholder dilution, prompting Saylor to shift to preferred shares, before demand for those also waned. Strategy recently asked investors to approve a measure to shift the preferred dividends to daily payments.

“It will be harder for them to sell the stock and run their whole machine that they use to buy more Bitcoin,” said Alexander Blume, CEO of Bitcoin-focused asset manager Two Prime. “It does show that these digital asset treasury firms are not really regarded as real businesses and It’s not surprising to me that some of the more respected and scaled indexes don’t want to have their clients exposed to something with so much volatility.”

Saylor himself has downplayed any potential moves by MSCI. In an interview with Bloomberg TV earlier this week, he said the index provider — which he said controls a “de minimis” amount of capital — was “imposing prejudicial values on digital assets.” He called their potential decision a “value judgment” that sets a bad precedent.