MSCI May Remove MicroStrategy From Indexes Over Asset Rules

Index provider MSCI has started a consultation on a proposal to restrict non operating companies from its global investment indexes. If adopted, this change could lead to the removal of MicroStrategy and Japan based Metaplanet from their benchmark lists. The proposed methodology screens companies by comparing their operating assets against their total asset base, aiming to identify firms that do not primarily function as traditional operating businesses.

The potential removal carries significant weight because passive funds follow these indexes. Analysts estimate that dropping MicroStrategy could trigger billions in outflows as automated funds sell the stock. MicroStrategy has publicly pushed back against the proposal, arguing that index providers should reflect the market as it stands rather than judging what assets a company chooses to hold.

While the proposal does not explicitly mention crypto, it focuses on firms that hold a high portion of non operating assets. MSCI previously explored specific rules for digital asset treasury firms but decided to take this broader approach instead. Existing index members will get some protection, as they must fail these new financial tests in two consecutive annual filings before facing removal.

The consultation period remains open until September 30. MSCI expects to announce the results on October 16, with potential implementation scheduled for the November 2026 index review.