Current Status of the Proposal
Published 8/4/2026, 4:18:42 AM
As of August 4, 2026, MSCI has abandoned its proposal to exclude Strategy (MSTR) and other Digital Asset Treasury Companies (DATCOs) from its global benchmarks. While the proposal originally threatened to trigger billions in passive outflows, MSCI announced on January 6, 2026, that it would not proceed with the exclusion for the February 2026 Index Review, citing the need for further research.
Current Status of the Proposal
The proposal, which was initially launched in October 2025, sought to exclude companies whose digital asset holdings exceeded 50% of their total assets. MSCI's reversal means Strategy remains a constituent of the MSCI Global Investable Market Indexes (GIMI).
- Decision Date: January 6, 2026.
- Rationale: MSCI stated that distinguishing between investment companies and operating companies holding digital assets requires "further research and consultation."
- Market Reaction: Strategy shares surged approximately 6%–7% immediately following the announcement that it would remain in the index.
Impact Analysis of the (Abandoned) Proposal
Had the proposal been implemented, the impact on Strategy and the broader digital asset treasury market would have been significant:
| Metric | Impact on Strategy (MSTR) | Total Market Impact (39 Companies) |
|---|---|---|
| Estimated Passive Outflows | ~$2.8 Billion | $10 – $15 Billion |
| Market Cap Affected | ~$84.1 Billion | ~$113 Billion |
| Weight of Impact | 74.5% of total proposal impact | 100% |
Future Outlook and Risks
While the immediate threat of removal has passed, Strategy's inclusion in global benchmarks remains subject to ongoing classification reviews:
- GICS Consultation: S&P Dow Jones Indices and MSCI are currently conducting a consultation on the Global Industry Classification Standard (GICS) that ends on October 30, 2026. This could potentially reclassify how "non-operating companies" with high digital asset exposure are categorized.
- Ongoing Monitoring: MSCI continues to research the treatment of companies that hold non-operating assets, meaning the "Strategy" classification could be revisited in future index reviews.
- Index Stability: Strategy successfully retained its position in the Nasdaq 100 during the December 2025 reconstitution, providing a secondary layer of benchmark stability despite the MSCI volatility.
In summary, Strategy will not be removed from MSCI global benchmarks under the current proposal, as the initiative was dropped in early 2026. However, investors should monitor the results of the GICS consultation ending in October 2026 for potential long-term classification changes.