MicroStrategy Fires Back at MSCI's New Delisting Threat: 'Bitcoin Doesn't Need MSCI'

Strategy (Nasdaq: MSTR), the world's leading Bitcoin (BTC) treasury company led by billionaire Michael Saylor, is facing yet another delisting threat from index provider MSCI. The company has responded with a sharp rebuke, stating that "Bitcoin doesn't need MSCI. Neither does Strategy."

MSCI has opened a new consultation on the eligibility of non-operating companies for its Global Investable Market Indexes. The proposed framework aims to identify companies that buy and hold non-operating assets, generate little cash from operations, and rely on external capital to grow.

According to the simulation using May 2026 data, Strategy, Metaplanet (TYO: 3350), and Yellow Cake (LSE: YCA) could be deleted from the MSCI ACWI IMI. SharpLink (Nasdaq: SBET), Center Laboratories (TWSE: 4123), and Lydia Holding (IS: LYDHO) would be placed on a watchlist.

Strategy holds 840,447 BTC, Metaplanet holds 43,000 BTC, and SharpLink holds 888,521 ETH. Yellow Cake is a uranium investment company, while Center Laboratories and Lydia Holding are in pharmaceuticals and sustainable investment, respectively.

The new methodology assesses companies based on whether their asset structure contains sufficient operating assets. If a company fails the initial test, it is evaluated against five financial ratios:

• Operating assets below 20% of total assets
• Operating expenses below 5% of total assets
• Negative operating cash flow
• Non-operating fair value changes above 5% of total assets
• Capital dependence above 20%

If a company fails the initial test and triggers at least four of the five flags, it becomes ineligible for the index. MSCI is gathering feedback through Sept. 30 and expects to announce results by Oct. 16.

Strategy, with a free-float-adjusted market cap of $23.9 billion in the simulation, is the largest company that could be removed. In an X post on Aug. 14, the company pushed back on MSCI's proposal:

"Index providers should measure markets, not decide which assets companies are allowed to own... Bitcoin doesn't need MSCI. Neither does Strategy."

This is not the first time Strategy has faced such a threat. The company previously avoided delisting from MSCI indexes, but this new proposal poses a significant risk to its inclusion in major global indexes, which could impact investor sentiment and stock liquidity.