MicroStrategy formally objected to an MSCI proposal that could exclude the firm from widely tracked global indexes. Executive Chairman Michael Saylor and CEO Phong Le labeled the proposed eligibility test for non-operating companies as fundamentally flawed.
The company argues the rule unfairly targets businesses with significant digital asset holdings. This marks the second time in less than a year that MicroStrategy has contested such a rule.
JPMorgan estimates that removal from the indexes could trigger billions of dollars in stock outflows. MicroStrategy maintains that its software operations make it an operating business under standard accounting principles.
MSCI will collect market feedback on the proposal until September 30, 2026. The index provider expects to announce a final decision by mid-October.