MSCI's new rules will push Michael Saylor's Strategy out of global equity benchmark indexes.

MSCI adopts new rules that could remove Strategy from its global equity benchmark index, potentially triggering stock sell-offs and putting pressure on the financing model behind Michael Saylor's bitcoin holdings. Under the new framework effective at the close on November 30, the index compiler will exclude companies classified as "non-operating companies" and establish financial tests that could cause Strategy to lose eligibility for inclusion in the MSCI global equity index. A final removal could deal a blow to Strategy's pioneering crypto asset reserve model and weigh on its share price as the pool of investors forced to hold the stock shrinks.