Anthony Scaramucci said that holding MSTR security for 4-5 years was going to be rewarding.

  • MSCI will post the list of index additions and deletions on Wednesday.
  • Last year, MSCI froze any increase in the index weighting of companies whose digital assets made up 50% or more of their total assets.
  • Saylor responded by saying that the index classification doesn't define the company.

Strategy (MSTR) faces Morgan Stanley Capital International's (MSCI) November index review on Wednesday, the first under new rules that will make "non-operating companies" ineligible for the index provider's benchmarks.

MSCI will post the list of index additions and deletions shortly after 5 p.m. ET. Any changes will take effect at the close of November 30. 

Under MSCI's latest consultation, released in August, a simulation using May 2026 data showed Strategy would be one of three companies deleted from the MSCI ACWI IMI. Metaplanet and uranium investment company Yellow Cake were the other two. SharpLink Inc (SBET), Center Laboratories and Lydia Holding would be placed on a public watchlist.

MSCI's Long Fight With Strategy

The review caps a dispute from October last year, when MSCI froze any increase in the index weighting of companies whose digital assets made up 50% or more of their total assets, while it weighed excluding them. 

Saylor responded at the time that "index classification doesn't define us." In January, MSCI did not exclude those firms outright, and, keeping the freeze in place, said that it would run a broader review of "non-operating companies."

Strategy called the final rules "discriminatory, arbitrary, and misguided" in a letter to MSCI's Equity Index Committee. The company argued that MSCI's split between operating and non-operating assets rested on terms that weren't defined under standard accounting rules. It also said the screen would hit digital asset treasury firms hardest, even though MSCI presents it as industry-neutral.

Strategy asked MSCI to withdraw the rules, or revise them with clear definitions and objective criteria. It also asked MSCI to publish its consultation record and explain how it set its thresholds. The company said the change would have little effect on its business, but could hurt MSCI's reputation as a neutral index provider.

How The New Rules Work

MSCI had confirmed the rules last month, calling them "minor modifications" to the August proposal. Companies will first be screened for substantial operating assets. If that fails, they will be checked against five financial ratios, and any flagged on four or more would be ineligible. To limit turnover, MSCI will remove current index members only if they fail the test in each of their two most recent annual filing periods. MSCI said it will also lift its weighting freeze on digital asset-heavy firms with the November review.

Scaramucci Backs Long-Term Holders

However, not every investor was worried, as Anthony Scaramucci, Founder & Managing Partner of SkyBridge Capital, discussed on The Block's podcast on October 27 that Strategy rewards patience. "If you're a short-termer... you're gonna be disappointed. But if you can hold that security for four or five years... you'll be incredibly well rewarded," he said.

MSTR stock was up over 1% in overnight trading after closing down over 3% on Tuesday. On Stocktwits, retail sentiment around MSTR moved to ‘extremely bearish’ from the ‘bearish’ zone, while chatter around it stayed at ‘low’ levels over the past day.

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