Index provider MSCI has launched a consultation on excluding Non-Operating Companies from its Global Investable Market Indexes, which could affect Strategy and its Japanese counterpart Metaplanet. MSCI justified its position by stating that these companies are primarily known for holding Bitcoin rather than running traditional operating businesses. Strategy, which has spent approximately $63.3 billion accumulating Bitcoin since August 2020, said on X that it does not need MSCI and that index providers should measure markets, not decide which assets companies are allowed to own. MSTR stock fell nearly 3 % on Friday to around $95, down nearly 40 % year-to-date. MSCI’s consultation runs until September 30 and could result in these companies being excluded during the November 2026 Index Review, triggering forced selling by index-tracking funds.
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