ChainThink report, September 1: According to Decrypt, Michael Saylor, founder of Strategy, and CEO Phong Le jointly wrote to MSCI, urging the withdrawal of a new screening rule targeting "non-operational companies."

The rule evaluates firms based on five criteria—operating asset intensity, expenses, cash flow, fair value volatility, and external financing dependency—and triggers exclusion from index inclusion if four or more are met.

Per MSCI’s consultation document, if implemented, the rule would remove Strategy (floating-adjusted market cap ~$23.93 billion), UK-based uranium holder Yellow Cake (~$1.81 billion), and Japan’s Metaplanet (~$654 million) from the MSCI Global Investable Market Index, with three additional firms, including SharpLink, placed on an observation list.

Strategy accounts for approximately 87% of the total market cap among these six companies. JPMorgan previously estimated that if Strategy were excluded, capital outflows could reach around $2.8 billion; if other index providers follow suit, the figure could rise to $11.6 billion.

In the letter, Saylor described the rule as “discriminatory, arbitrary, and erroneous,” arguing it effectively resurrects MSCI’s rejected “50% crypto exposure” exclusion proposal from January this year.

MSCI’s feedback deadline is September 30, with results scheduled for announcement on October 16. Any changes will take effect during the November index review.