MSCI said on Jan. 6, 2026 that it would not proceed with a late-2025 proposal to exclude companies whose digital assets made up at least 50% of total assets, but its new industry-neutral consultation on "Non-Operating Companies" still indicated that, using May 2026 data, Strategy, Metaplanet and Yellow Cake could be removed from the MSCI ACWI IMI Index. The renewed review has revived concerns tied to the original Oct. 10, 2025 proposal, when analysts estimated Strategy faced about $2.8 billion in passive outflows from MSCI-linked products alone and as much as $8.8 billion if other index providers adopted similar treatment. That earlier episode coincided with a broader Bitcoin rout fueled by Trump's tariff threat and extreme leverage, with about $19 billion in liquidations and Bitcoin falling more than $15,000 from its peak near $126,000 a month earlier. Strategy and Strive CEO Matt Cole argue the revised framework still misreads Bitcoin treasury companies by treating digital-asset holdings, treasury management and capital-markets activity as non-operating, even though any forced selling would hit Strategy shares rather than directly compel the company to sell Bitcoin. Critics say the bigger risk is indirect: pressure on the stock could narrow its premium to underlying Bitcoin holdings, weakening future capital raises that support the corporate treasury model. Feedback is open through Sept. 30, results are expected by Oct. 16, and if MSCI adopts the proposal as written and financial profiles do not change, Strategy and Metaplanet would face deletion in the November 2026 Index Review.