MSCI has reopened a consultation on excluding non-operational companies from its Global Investable Market Indexes, once again threatening Strategy and Metaplanet. The two companies hold 840,447 and 43,000 BTC respectively. JPMorgan estimated potential outflows of $2.8 billion for Strategy from MSCI indices alone, rising to $8.8 billion if other major index providers adopted similar rules. An exclusion would not force any bitcoin sales, but would remove automatic buying by index funds from both stocks. MSCI will collect market feedback until September 30 and publish its conclusions by October 16, with new rules potentially taking effect as early as the November 2026 index review.
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