Strategy faces MSCI ouster under new rules, billions in passive holdings at risk

MSCI may reclassify Strategy as a non-operating investment vehicle, triggering removal from global equity benchmarks. Index deletion would force passive funds to liquidate holdings, creating mechanical selling pressure on MSTR shares and widening any discount to its bitcoin net asset value. The ruling also tests whether other crypto-treasury corporates face similar index treatment, a structural risk for the bitcoin-linked equity complex.