MSCI finalized rules on Oct. 15 that could make some “non-operating companies” ineligible for its Global Investable Market Indexes. It said it would publish the final list of affected companies on Nov. 11, with changes set for Nov. 30; the excerpt does not report that the list was published. A company could be deemed ineligible if it fails at least four of five financial tests, but a current constituent is removed only if it fails in each of its two most recent annual filing periods.
Strategy was flagged in a May 2026 simulation, not identified as a confirmed removal. JPMorgan previously estimated that excluding Strategy could prompt roughly $2.8 billion in selling by funds tracking MSCI indexes, but that estimate used an earlier digital-asset proposal rather than the final rules. Strategy shares closed at $121.07 on Nov. 10, down from $145.16 on Oct. 28.
