The adjustment to MSCI's index rules has taken effect, and Strategy and other crypto treasury companies face the possibility of being removed from relevant indexes. According to The Block, the change could directly affect these companies and trigger passive fund outflows, with significant market impact. As of the report's publication, no further official information had been disclosed on whether the companies would be formally removed, which specific indexes are involved, or when the adjustment would be implemented.
The news came from a business report published by The Block on October 15, 2026. The core facts currently confirmed are: MSCI's new rules have taken effect; Strategy and other crypto treasury companies may be removed from indexes as a result; if the removals occur, they could trigger passive fund outflows. Aside from Strategy, the report did not specify the names of other companies.
Judging from the report's wording, the headline uses 'new rules take effect' and 'may face index removal,' while the summary uses 'could trigger passive fund outflows.' All three are consistent, pointing to the fact that the rules have changed, but the removal outcome is not yet determined. Such wording means that what can currently be confirmed is the rule change itself and the resulting removal risk, not the removal outcome itself. Therefore, before an official list is published, the core of the event should still be defined as 'possibility' and 'yet to be confirmed.'
The phrase 'Strategy and other crypto treasury companies' in the report refers to a category of companies represented by Strategy that are associated with crypto asset treasury strategies. This MSCI rule adjustment touches this type of company at the index constituent level. Index removal first means a change in constituent eligibility; if the companies are removed from the indexes, passive funds tracking those indexes may, by mechanism, need to make corresponding adjustments. However, this is a general understanding based on index investing mechanisms, and the specific mechanism of this adjustment has not yet been officially explained.
From the perspective of the capital transmission chain, the currently confirmable path is: index rule adjustment—possible removal—possible passive fund outflows. As for the specific scale of passive outflows, implementation timing, rebalancing arrangements, and the impact on the liquidity and trading structure of the relevant securities, there is currently no verifiable data or explanation, and it is not yet appropriate to make further judgments.
Information not yet disclosed also includes: the specific provisions of MSCI's new rules, including the conditions triggering removal, scope of application, and recognition standards; whether the MSCI indexes involved are a single index or multiple indexes; the full list of affected companies; the effective time of index removal and whether there is a transition period or buffer arrangement; if removals occur, the scale of passive funds tracking the relevant indexes and potential rebalancing arrangements; and whether the relevant companies have received notice or responded. All such information requires subsequent disclosure by MSCI or relevant parties.
Market attention to this event mainly stems from the index investing mechanism: from a general market mechanism perspective, changes in index constituents can affect the allocation of passive funds tracking the indexes. But for this event, only a 'possible' impact can currently be confirmed, and there is no outcome-related information. For crypto treasury-type companies, this event provides a case for observing the relationship between traditional index rules and crypto asset-related companies. However, publicly available information is currently limited, and it should not be extended to unverified judgments such as changes in valuation frameworks or expectations for the admission of similar companies.
Areas to watch going forward include: the official list for the relevant MSCI index adjustments, implementation timing, responses from affected companies, and whether there are more detailed rule explanations or supplementary disclosures. For Strategy and other crypto treasury companies, whether they are ultimately removed and whether index-tracking funds adjust after removal are key to judging the event's actual impact. Before that, relevant conclusions should still be based on official disclosures and index adjustment results, and the outcome should not be predetermined.
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