MSCI is reviewing Strategy and other companies for possible removal from major equity indexes, but no final decision has been announced. JPMorgan estimates that MSCI-linked funds could sell about $2.8 billion of Strategy shares if the company is removed, with actual flows depending on fund mandates, rebalancing schedules and market liquidity. The review follows Strategy’s opposition to proposed screening criteria and also involves companies including Metaplanet and uranium-holding firm Yellow Cake. Conner Brown of the Bitcoin Policy Institute said the criteria could depend on how operating assets are defined, a term he said is not defined under U.S. generally accepted accounting principles or International Financial Reporting Standards. Earlier reporting cited October 16 as a possible decision date, while the latest update points to a formal MSCI announcement and effective rebalancing dates as the key next developments. Louisiana’s public pension fund has disclosed a $3.2 million Strategy position.