MSCI is considering a rule that could exclude companies focused mainly on accumulating assets rather than running operating businesses from its global equity indexes. Applying the proposed approach to this year’s May data would have removed Strategy, Japanese Bitcoin reserve company Metaplanet and uranium investment company Yellow Cake. Strategy has so far funded more than $60 billion in Bitcoin purchases through securities issuance. Losing index eligibility could reduce the pool of investors required to hold Strategy shares, weaken demand for the stock and make it harder for the company to raise additional funds for further Bitcoin purchases.