Feedback on MSCI's plan to screen out "non-operating companies" closed Sept. 30, with changes to take effect in November. Strategy bought 1,665 more bitcoin last week and now holds 847,666.
Strategy keeps buying bitcoin. An index provider will decide this month whether the company counts as an operating business.
MSCI's consultation on screening "non-operating companies" out of its indexes closed for feedback on Sept. 30. Results are due on or before Oct. 16, and any changes would apply starting with MSCI's November 2026 review.
A simulation MSCI ran on May 2026 data removed three companies from its ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, which holds physical uranium. All three hold a commodity or digital asset as the core of their balance sheets.
The pushback
Strategy has argued against the plan. Chief Executive Phong Le called it "ill-advised" and said a deletion would be "immaterial" to the company. A paper published Thursday by the Bitcoin Policy Institute alleges that metadata in the consultation files shows they were stored in a folder specific to digital-asset treasury companies.
Still buying
Strategy disclosed in a filing that it bought 1,665 bitcoin between Sept. 21 and Sept. 27 at an average of $85,681, about $143 million in total. It now holds 847,666 bitcoin, worth about $71.9 billion at Thursday's price near $84,844, and keeps a dollar reserve of $5.02 billion.
The latest purchases were made above Thursday's price.
Strategy shares rose 3.8% to about $158.95 on Thursday.
What an exclusion would mean
Index funds that track MSCI's benchmarks must sell stocks that are removed. That makes the decision a question of flows as much as classification, since passive holders would have to exit regardless of their view on bitcoin.
Two readings
One reading is that MSCI is applying a consistent rule. Companies whose value rests mainly on a held asset behave more like funds than operating businesses, and Yellow Cake's inclusion in the simulation shows the screen is not aimed at crypto alone.
A second reading is that the screen singles out one business model, and that Strategy's software operations and capital-markets activity make it an operating company by any standard measure.
Oct. 16
MSCI's decision is the event. An exclusion would set up forced selling at the November review, and an outcome that spares Strategy and Metaplanet would remove a weight that has hung over treasury companies since the consultation began.