bit.fanBit.FanWeb3 News · Betting Reviews · Market Insights

Passive Investing

MSCI
2026-10-16 18:16:04

MSCI finalizes rule change that could remove Strategy from key equity indexes

MSCI has finalized a methodology change that could push Bitcoin treasury companies such as Michael Saylor’s Strategy out of its widely followed equity indexes. In an Oct. 15 announcement, the index provider said “non-operating companies” will no longer qualify for inclusion in the MSCI Global Investable Market Indexes, with the update taking effect at the close of Nov. 30 during its November index review. The framework targets issuers with limited operating assets whose balance sheets are dominated by a single asset and whose behavior resembles passive investment vehicles more than operating businesses. Companies that fail an initial core screen will face an exclusion test based on five financial ratios, and a stock becomes ineligible if it triggers four or more. MSCI said it will publish the final list of affected companies on Nov. 11. The change also replaces a temporary measure introduced last year for firms whose digital-asset holdings accounted for 50% or more of total assets. If companies are removed from major MSCI indexes, funds tracking those benchmarks may be forced to sell the shares. Saylor has criticized the policy as “discriminatory,” while Metaplanet and Strategy have taken different approaches as the index question moves closer.

370
MSCI finalizes rule change that could remove Strategy from key equity indexes
SpaceX
2026-08-31 08:27:05

SpaceX Gets a Fast Track Into the Nasdaq-100, While the S&P 500 Keeps Its Profit Rule Intact

SpaceX was added to the Nasdaq-100 on July 7, 2026 under Nasdaq’s revised 15-trading-day fast-track rule, but the company still faces a longer wait for the S&P 500 after the S&P Dow Jones Indices committee rejected a proposal to create any similar shortcut. The committee kept its hard requirement that a company must post positive GAAP net income in the most recent quarter and across the last four consecutive quarters, meaning SpaceX may not be eligible for the S&P 500 until 2027 at the earliest. The split outcome highlights a basic point about passive investing: index inclusion depends on methodology, not on a single market narrative. The article walks through four core parts of index construction—selection, weighting, calculation, and rebalancing review—and shows how those rules shape different results across major benchmarks such as the S&P 500, the Nasdaq-100, the Dow Jones Industrial Average, and the Hang Seng TECH Index. It also explains why investors care so much about index additions. Coinbase’s admission to the S&P 500 in May 2025, followed by an 8.8% after-hours jump, was treated as a milestone for the crypto sector. MicroStrategy, by contrast, was left out after reporting a $4.2 billion GAAP net loss in the first quarter of 2025. The article argues that inclusion can trigger mechanical buying from passive funds, but price moves around index changes often reflect a mix of short covering, active positioning, and pre-announcement trading rather than passive flows alone.

1170
SpaceX Gets a Fast Track Into the Nasdaq-100, While the S&P 500 Keeps Its Profit Rule Intact