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MSCI just finalized a rule that could force Strategy and other Bitcoin treasury stocks out of its major indexes.
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The index giant built a two-step test: a balance-sheet screen, then five financial ratios.
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Fail the first screen and trip four of five ratios, and a company becomes ineligible.
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Strategy reportedly fails all five ratios under a simulation using May 2026 data.
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Metaplanet and uranium holding company Yellow Cake were also flagged in that test.
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Existing index members get a buffer: they must fail the test in two straight annual filings first.
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JPMorgan estimated forced selling of 2.8 billion dollars from MSCI funds alone if Strategy is removed, and up to 8.8 billion if other index providers follow.
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MSCI plans to name the affected companies on November 11, with changes landing at the November 30 index review.
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Strategy's Michael Saylor has publicly shrugged off the threat, calling index classification irrelevant to the business.