The world’s leading publicly traded Bitcoin treasury company, Strategy, is among a list of companies of its kind that face potential removal from Morgan Stanley Capital International (MSCI) global indexes.
Announced on October 15, the decision established new financial tests that deem non-operating companies ineligible for indexing. In this context, non-operating firms are those whose primary value, income, or business activities stem from passive financial investments rather than traditional commercial operations.
According to MSCI, there are three core indicators of a non-operating company:
The first is asset misalignment, where the vast majority of a company’s valuation is tied to passive assets such as Bitcoin or treasuries, rather…