Index provider MSCI has adopted new rules that will exclude companies classified as non-operating from its global indexes starting November 30, 2026. Michael Saylor-led Strategy could be removed as its bitcoin holdings represent a significant portion of its assets. JPMorgan has estimated that index exclusion could trigger outflows of approximately $2.8 billion. Market commentator Adrian Morris considers this estimate overstated and believes the price impact will be limited. Three companies, including Strategy, Metaplanet, and Yellow Cake, were flagged during a May 2026 test.
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