MSCI has introduced new eligibility criteria for its Global Investable Market Indexes, targeting companies classified as non-operating. The updated framework, announced on October 15, 2026, follows a consultation period that concluded on September 30, 2026.
The selection process involves a two-stage evaluation: an assessment of operating assets followed by a five-ratio financial test. These rules are set to take effect at the close of November 30, 2026, as part of the MSCI November Index Review.
MicroStrategy, along with Metaplanet and Yellow Cake, was flagged in preliminary simulation data from May 2026. JPMorgan estimates that if MicroStrategy is removed from the indexes, it could trigger approximately $2.8 billion in passive selling pressure.
Funds tracking MSCI benchmarks currently hold nearly 3.1% of MicroStrategy shares. However, existing members benefit from buffer protections, which require a company to fail the criteria across two successive review periods before removal.
MSCI plans to release the final list of affected companies on November 11, 2026. Executive chairman Michael Saylor stated in an October 13, 2026, interview that index classifications should reflect market activity rather than dictate corporate operations.
