On October 16, MSCI announced the official adoption of the non-operating company exclusion rule for its indices, which will be implemented during the November 2026 index review and take effect after the market closes on November 30. The new rule will first assess whether companies have substantial operating assets. Companies that fail the initial screening will undergo five financial ratio tests, and if at least four of these ratios meet the exclusion criteria, they will not qualify for index inclusion. As a result, Bitcoin treasury companies Strategy and Metaplanet face potential removal, with the final list to be announced on November 11. JPMorgan previously estimated that if Strategy is removed from the MSCI index, it could face approximately $2.8 billion in sell-off pressure. ⬇ This was previously hyped by the media as a major bearish signal. Not sure if it still packs a punch this time, especially since Strategy selling Bitcoin was also a big bearish event before, but the market seems to have already digested it.