MSCI is consulting on quantitative screens that could reclassify companies focused on asset accumulation as closer to investment vehicles and remove them from its global equity indexes, a shift that may pressure Strategy’s capital-markets financing model. Under the proposed methodology applied to May data, Strategy, Japan-based Bitcoin treasury firm Metaplanet and uranium investor Yellow Cake would have failed eligibility tests built around operating asset intensity plus expense, cash-flow, fair-value and capital-dependence metrics. Strategy has deployed more than $60 billion into Bitcoin since 2020 largely by issuing equity and preferred securities, so index exclusion could reduce passive demand, raise financing costs and intensify dilution risk. Bitcoin’s roughly 23% weekly rebound has lifted Strategy’s 840,447 BTC holdings to about $65 billion, above its $75,385 average cost, while cash reserves rebuilt to $4.8 billion—enough for roughly 2.8 years of preferred dividends and interest—even as annual preferred and interest costs near $1.7 billion and the firm has recently sold some Bitcoin. MSCI is taking feedback through end-September and plans to announce consultation results in October, while considering buffers and multi-period failure requirements before any removal.