Michael Saylor’s Strategy in Trouble? MSCI’s New Rules Put Index Status at Risk

MSCI will exclude non-operating firms from its global indexes from November 2026, and a May 2026 test flagged Strategy for possible removal. JPMorgan estimates roughly $2.8 billion in passive outflows from MSTR, pressuring sentiment toward bitcoin treasury proxies. Critics call the impact overstated given MSTR liquidity, but the ruling raises structural risk for digital-asset treasury companies and index-linked demand.