MSCI adopts index exclusion rules that could oust Strategy

MSCI's move matters less as a verdict on any single company than as a structural signal: index inclusion rules are becoming a gatekeeping mechanism for digital-asset-heavy balance sheets. The three named firms sit at the intersection of treasury strategy and mainstream equity benchmarks, so exclusion would affect passive flows and, by extension, how such models are financed. The Nov. 11 final list is the near-term marker, but the broader question is whether other index providers follow MSCI's framing.