MSCI, one of the world's largest index providers, is considering new rules that could remove Strategy Inc. — the Bitcoin treasury company formerly known as MicroStrategy — from its global equity indexes, a change that would add strain to the financing model behind the company's Bitcoin holdings.

The proposal is not specific to Bitcoin. According to Bloomberg, it focuses on whether companies are primarily engaged in accumulating assets rather than operating businesses. The rules also remain at the proposal stage: MSCI has not adopted a final framework, and any removals would depend on what, if anything, the index provider decides once the consultation closes.

Strategy publicly pushed back against the consultation on August 14, 2026:

STRATEGY PUSHES BACK ON MSCI INDEX PROPOSAL! @Strategy responded to MSCI’s latest consultation that could remove $BTC treasury firms from major indexes under new “non-operating company” rules. The company said digital assets are assets, index providers should measure markets… pic.twitter.com/0Mga2P9YIe

— Crypto Banter (@crypto_banter), August 14, 2026

Strategy shares have climbed more than 35% over the past week as Bitcoin moved back above $70,000, Bloomberg reported, though the stock remains down roughly 60% over the past year. The consultation concerns index eligibility and could affect demand for the shares and the company's access to capital as it seeks to continue buying Bitcoin.

What MSCI Is Proposing

MSCI's August consultation is part of a broader review of companies whose activities are more investment-oriented than operational. According to Bloomberg, it follows an earlier plan that would have targeted companies with large digital-asset holdings, a plan MSCI abandoned earlier this year.

The proposed framework uses five financial metrics: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. Bloomberg reported that a company would be considered ineligible if it fails MSCI's core operating-assets screen and four of the five additional tests.

Edward Yoon, an index strategist at Macquarie Capital, said the consultation broadens the discussion to the question of what should qualify as an operating company for inclusion in an equity benchmark.

Strategy, Metaplanet and the Non-Operating Test

Applying the proposed methodology to May 2026 data would have resulted in the removal of Strategy, Japanese Bitcoin treasury company Metaplanet Inc., and uranium investor Yellow Cake Plc, according to MSCI. That exercise was hypothetical — a backtest of screens that have not been adopted, not an actual removal — and it illustrates the consultation's broader focus on companies whose economic activity may resemble that of an investment vehicle rather than an operating business.

Exchange-traded funds, investment funds, and business development companies are already excluded from MSCI's investable indexes. Yoon said the consultation extends an existing principle to traditionally structured corporations with similar economic characteristics.

MSCI is also considering measures intended to limit disruption for existing constituents. Yoon pointed to watchlists, buffer thresholds, and a requirement that companies fail the screens in two consecutive review periods before removal. He said the approach would give issuers and investors time to assess the potential effects while helping to avoid unnecessary disruption to benchmark-tracking portfolios.

Why Index Exclusion Could Pressure Strategy Shares

Removal from a major index would raise concerns about Strategy's index eligibility rather than directly affect its Bitcoin holdings. It could nevertheless weigh on the stock, Bloomberg reported, because funds that track major benchmarks hold their constituents, so removal shrinks the pool of investors that need exposure to the shares — potentially reducing demand.

Melissa Roberts, managing director of index rebalancing and strategic opportunities research at Stephens Inc., said removal from major benchmarks can create a short-term technical overhang on shares, allowing market technicals to outweigh fundamentals. She also said a stock can lose investor visibility after being removed from an index, and that the resulting changes in the shareholder base typically lead to increased turnover and price underperformance.

The stakes are significant for Strategy because the company has financed more than $60 billion in Bitcoin purchases and is seeking additional capital to continue buying the cryptocurrency. Bloomberg reported that this has added to concerns about shareholder dilution and the performance of securities issued to fund further purchases. A potential reduction in demand for the shares could add another source of pressure to the company's capital structure.

The decision now rests with MSCI: whether to adopt the screens once the consultation concludes, in what form, and whether transition measures like the two-consecutive-review requirement are retained. Those choices would determine whether and when companies such as Strategy, Metaplanet and Yellow Cake could face removal from some of the world's most widely tracked equity benchmarks.