MSCI has approved the rules it first floated in August, and the mechanism is now specific enough to put dates on. Companies that mainly hold investments rather than operate a business become ineligible for the Global Investable Market Indexes. The screen runs in two steps: first a test for substantial operating assets, and for anything that fails, five financial ratios covering expenses, cash flow, changes in asset values and reliance on outside financing, with four or more flags making a company ineligible. Existing members get a buffer and are only removed if they fail in each of their two most recent annual filing periods, while a non-member is blocked if it fails in either. The final list lands November 11 and the change takes effect at the close of November 30. On a test run using May 2026 data, MSCI flagged Strategy, Metaplanet and Yellow Cake, a UK uranium investment vehicle. JPMorgan analysts estimate exclusion could trigger about $2.8 billion of outflows from Strategy's stock, which closed Thursday at $151.29, roughly 72% below its November 2024 high of $543. Metaplanet closed at 277 yen, about $1.75, against a June 2025 peak of 1,930 yen. The distinction that matters: index selling hits the share price, not the 848,250 BTC Strategy holds, worth about $69.67 billion per Bitcoin Treasuries. Also worth noting is what is being retired. The temporary October 2025 measures covering companies with digital assets at 50% or more of total assets are ending, and those companies get judged under the new framework from the November review instead.