Strategy (NASDAQ: MSTR) shares are down around 9.1% today after index provider MSCI confirmed rules that could remove the company from its global indexes. Strategy, formerly MicroStrategy, sells business intelligence software and holds a large bitcoin treasury.

MSCI published its consultation result at 9:48pm in London yesterday, after the US close. It will make “non-operating companies”, meaning firms that mostly hold investments, ineligible for its indexes. The plan is the August proposal with minor modifications. A screen of five financial ratios decides it, and four or more flags means ineligible.

The MSCI release itself names no companies. A test run using May 2026 data flagged Strategy, Metaplanet and…