MSCI is moving forward with a rule change that could eventually make Strategy, the Nasdaq-listed company known for holding large amounts of bitcoin, ineligible for its global equity benchmarks. The index provider said the changes will be introduced during its November 2026 Index Review.
What MSCI decided
Morgan Stanley Capital International said it will implement a proposal to define and classify “non-operating companies” as ineligible for inclusion in the MSCI Global Investable Market Indexes. The decision includes minor modifications to the proposal presented in a consultation announced on August 3, 2026, according to Bitcoin Magazine.
The changes are scheduled to take effect after the close of November 30, 2026. However, the decision does not immediately remove Strategy from the indexes. Instead, the company would face future tests under the revised methodology, which could result in its exclusion.
MSCI had proposed in 2025 excluding companies whose digital-asset holdings accounted for at least 50% of their total assets. The latest decision advances that broader effort to determine whether companies dominated by digital-asset holdings should remain eligible for major equity benchmarks.
Why the decision matters for Strategy
Strategy, formerly known as MicroStrategy, began buying bitcoin in 2020. It was originally an enterprise software company, but its investment strategy has since centered heavily on acquiring and holding the cryptocurrency.
The company now holds 848,250 bitcoins, valued at $69.2 billion at the prices cited in the source material, making it the largest corporate holder of bitcoin. Investors can buy Strategy’s Nasdaq-listed MSTR shares as a way to obtain heightened exposure to bitcoin’s performance.
If Strategy is ultimately removed from an MSCI index, fewer institutional investors may be able or willing to hold its shares. Index-linked investment products commonly use benchmark membership when determining which securities to own, although the source material does not say that removal is certain or quantify any potential effect.
Strategy previously criticized the proposal in August, calling it “misguided” and “flawed.” The company also said: “Bitcoin doesn’t need MSCI. Neither does Strategy.” Strategy had not immediately commented on MSCI’s latest decision at the time of the report.
Shares and current market picture
Strategy shares were trading more than 6% lower on Friday, according to the source material.
Moneyiar market data recorded at approximately 22:04 on October 17, 2026, showed Bitcoin at $81,164.55, down 0.59% over 24 hours and 2.18% over seven days. The same data showed:
- Aethir at $0.005467, down 4.41% in 24 hours and 17.57% over seven days.
- RedStone at $0.137481, down 5.54% in 24 hours and 8.79% over seven days.
- Propy at $0.364741, down 0.77% in 24 hours but up 3.51% over seven days.
These figures are Moneyiar data at the stated time and do not determine whether Strategy will remain eligible for MSCI’s benchmarks.
