MSCI finalized a rule excluding “non-operating companies” from its Global Investable Market Indexes, effective November 30. Firms whose balance sheets are dominated by a single asset, like Michael Saylor’s Strategy and Japan’s Metaplanet, are directly targeted. The new methodology combines a core screen with a five-ratio exclusion test; a company is ineligible if it fails four or more ratios. MSCI will publish the final list of affected companies on November 11. Removal from these indexes would force index-tracking funds to sell the affected shares, potentially pressuring stock prices and reducing the premium these companies have long traded at over the value of their bitcoin.
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