Saylor has amassed 848,000 BTC, but MSCI says that doesn’t make him a company
October 15
MSCI, the world’s largest index provider, has made its decision: “non-operating companies” will be removed from its global investable indexes.
The change takes effect at market close on November 30, with the final list to be announced on November 11.
Put simply:
Companies whose balance sheets are all coins, with no real business,
are all out.
Strategy is first in the firing line, with Metaplanet likely to follow.
Even Ethereum treasury company SharpLink has landed on the watchlist.
How big is Strategy?
As of October 11, it held 848,250 BTC.
Its purchase cost was $64 billion, at an average price of $75,444.
It was still buying that week, adding 250 BTC from October 5 to 11.
JPMorgan ran the numbers:
If it’s actually removed, index funds would have to passively sell about $2.8 billion worth of MSTR.
After the news broke, MSTR fell 4.3% after hours.
The previous day, it had climbed to $151.29 in regular trading.
Saylor said on Bloomberg on October 13:
MSCI was disappointing and unfair to digital assets.
His September letter to MSCI was even more direct:
He called the rule “discriminatory.”
It would have no material impact on the company’s business,
but would damage MSCI’s own reputation for neutrality.
The interesting thing is,
on the day the axe fell, BTC dropped only about 0.5%,
holding near $82,000 (news.bitcoin.com, October 16 data).
The coin is fine; what’s in trouble is the “crypto-hoarding stock” story.
For the first time, Wall Street used rules to vote on the crypto-hoarding business.
And it voted no.
Once the list is announced on November 11, the story will be settled.
Just my personal opinion; this is not investment advice.
#MSCI $BTC
---
Sources: Decrypt (2026-10-15), The Block (2026-10-15), news.bitcoin.com (10-16), coinscreamer (10-16, recounting Saylor’s October 13 Bloomberg interview), holder.io (2026-10-17). On October 15, MSCI announced that “non-operating companies” would no longer qualify for the MSCI Global Investable Market Indexes. The change takes effect at market close on November 30, and the final list of affected companies will be announced on November 11. Strategy (with 848,250 BTC as of October 11, at a cost of about $64 billion and an average price of about $75,444) and Metaplanet are included; SharpLink (SBET) is on the watchlist. JPMorgan estimates that removal would trigger about $2.8 billion in passive MSTR selling. MSTR fell 4.3% after hours; its regular-session closing price was $151.29 (the previous trading day’s close was $143.24). $BTC is a fallback tag.
October 15
MSCI, the world’s largest index provider, has made its decision: “non-operating companies” will be removed from its global investable indexes.
The change takes effect at market close on November 30, with the final list to be announced on November 11.
Put simply:
Companies whose balance sheets are all coins, with no real business,
are all out.
Strategy is first in the firing line, with Metaplanet likely to follow.
Even Ethereum treasury company SharpLink has landed on the watchlist.
How big is Strategy?
As of October 11, it held 848,250 BTC.
Its purchase cost was $64 billion, at an average price of $75,444.
It was still buying that week, adding 250 BTC from October 5 to 11.
JPMorgan ran the numbers:
If it’s actually removed, index funds would have to passively sell about $2.8 billion worth of MSTR.
After the news broke, MSTR fell 4.3% after hours.
The previous day, it had climbed to $151.29 in regular trading.
Saylor said on Bloomberg on October 13:
MSCI was disappointing and unfair to digital assets.
His September letter to MSCI was even more direct:
He called the rule “discriminatory.”
It would have no material impact on the company’s business,
but would damage MSCI’s own reputation for neutrality.
The interesting thing is,
on the day the axe fell, BTC dropped only about 0.5%,
holding near $82,000 (news.bitcoin.com, October 16 data).
The coin is fine; what’s in trouble is the “crypto-hoarding stock” story.
For the first time, Wall Street used rules to vote on the crypto-hoarding business.
And it voted no.
Once the list is announced on November 11, the story will be settled.
Just my personal opinion; this is not investment advice.
#MSCI $BTC
---
Sources: Decrypt (2026-10-15), The Block (2026-10-15), news.bitcoin.com (10-16), coinscreamer (10-16, recounting Saylor’s October 13 Bloomberg interview), holder.io (2026-10-17). On October 15, MSCI announced that “non-operating companies” would no longer qualify for the MSCI Global Investable Market Indexes. The change takes effect at market close on November 30, and the final list of affected companies will be announced on November 11. Strategy (with 848,250 BTC as of October 11, at a cost of about $64 billion and an average price of about $75,444) and Metaplanet are included; SharpLink (SBET) is on the watchlist. JPMorgan estimates that removal would trigger about $2.8 billion in passive MSTR selling. MSTR fell 4.3% after hours; its regular-session closing price was $151.29 (the previous trading day’s close was $143.24). $BTC is a fallback tag.