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MSCI proposed index eligibility rule changes

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-17 14:04 UTC → 2026-08-17 20:51 UTC · added removed

MSCI has initiated a public consultation to introduce new eligibility criteria for its Global Investable Market Indexes (GIMI). The proposed methodology seeks to identify and potentially exclude ‘non-operating companies’—firms that prioritize stockpiling assets over generating revenue through traditional business operations. The proposed screening involves a two-step process. Companies must first prove that operating assets constitute more than 50% of their total assets. If they fail this, they undergo a second stage testing five financial ratios: operating asset intensity, expense intensity, operating cash flow, fair value intensity, and capital dependence. A company faces removal if it fails at least four of these five tests. Simulations indicate that MicroStrategy (Strategy Inc.), Metaplanet, and Yellow Cake PLC could be removed under these rules. Market estimates suggest a 73% probability of MicroStrategy’s exclusion, which could trigger significant passive capital outflows. MicroStrategy, a major Bitcoin treasury firm, has formally contested the proposal, arguing that index providers should ‘measure markets rather than dictate which assets companies are permitted to hold.’ Executives have further stated that ‘neither the company nor Bitcoin requires MSCI to survive.’ As of mid-August 2026, MicroStrategy has been conducting equity sales to fund dividends, share repurchases, and bolster US dollar reserves, though it made no Bitcoin transactions during the week of August 10–16. The company reported raising approximately $334 million through an at-the-market program to increase its USD reserve to $4.8 billion. MSCI is currently collecting feedback and expects to announce a decision by October 16, with any approved changes potentially taking effect in November 2026.

Versions

  1. 2026-08-17 20:51 UTC MSCI proposed index eligibility rule changes
  2. 2026-08-17 14:04 UTC MSCI proposed index eligibility rule changes
  3. 2026-08-16 06:26 UTC MSCI proposed index eligibility rule changes

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