MSCI is weighing rule changes that could remove companies focused primarily on asset accumulation rather than operating businesses from its global equity indexes, creating potential new funding pressure for Strategy. Based on May data, Strategy, Japan-based Bitcoin treasury company Metaplanet and uranium investment company Yellow Cake would have been excluded under the proposed methodology. Strategy has funded more than $60 billion in Bitcoin purchases through securities issuance so far. A potential index removal could reduce the pool of investors required to hold the stock, weaken demand for its shares and make it harder to keep raising capital for additional Bitcoin buying. MSCI is considering screens based on operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependency, with a consultation period running through the end of September and a decision planned for October. Strategy shares have rebounded more than 35% over the past week as Bitcoin climbed back above $80,000, but the stock remains down about 60% over the past year.