MSCI rule change could eject Strategy (MSTR) from global equity indexes

MSCI's move matters less as a verdict on Strategy than as a signal that index providers are starting to treat bitcoin-treasury vehicles as a distinct, non-operating category rather than ordinary operating companies. That distinction affects the whole cohort of listed firms whose core asset is a crypto balance sheet, not just the pioneer, since benchmark eligibility has been a key source of passive demand. Whether other index providers adopt similar language, and whether Strategy's classification is contested before the effective date, is the open question.