# Strategy Shares Fall 5.87% as MSCI Eligibility Result Nears By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/32435 Published: 2026-10-15T10:42:31.000Z Updated: 2026-10-15T10:42:31.000Z Section: Investing > MSCI expects to announce its consultation result by Oct. 16, with any adopted changes proposed for the November 2026 Index Review. Strategy shares fell 5.87% Wednesday, two days before MSCI’s expected result on proposed eligibility tests that could affect the company’s place in the index provider’s global equity benchmarks. Strategy’s Nasdaq-listed shares closed at $143.24 Wednesday, down $8.94 for the session, at 4 p.m. ET (20:00 UTC). MSCI opened the consultation Aug. 3 to consider eligibility standards for non-operating companies in its Global Investable Market Indexes. Feedback closed Sept. 30. The proposal starts with a screen of a company’s asset mix: operating assets must account for more than half of its total assets to pass. Companies whose operating assets are 50% or less of total assets would then face five financial checks covering asset levels, expenses, cash flow, fair-value changes and outside financing. Four or more flags across the tests would make a company ineligible under the draft. A simulation applying the proposal to the MSCI ACWI Investable Market Index with May 2026 data identified Strategy, Yellow Cake PLC and Metaplanet as potential deletions. Center Laboratories, Lydia Holding and SharpLink appeared on a proposed watchlist. These are possible outcomes under draft rules, not completed index actions. A company already in an index would have to fail the relevant screen in two consecutive annual filings before removal. MSCI previously considered a proposal focused on digital-asset treasury companies whose digital assets represented at least half of their total assets. On Jan. 6, it chose not to apply that proposal for the February review and said it would study non-operating companies more broadly. The current plan applies quantitative tests across corporate issuers. Bitcoin (BTC) holdings alone are not the eligibility test. Strategy has asked MSCI to withdraw the current proposal. In the second quarter of 2026, it began reporting its Bitcoin treasury operations as a separate operating segment alongside Software. The proposal has also drawn [broader criticism of MSCI’s approach to defining operating companies](). MSCI expects to announce the consultation result on or before Oct. 16. If adopted, any changes are proposed for the November 2026 Index Review. ## Links in this article - [broader criticism of MSCI’s approach to defining operating companies](https://www.tokenpost.com/news/investing/25937)