MicroStrategy founder Michael Saylor and CEO Phong Le sent a letter to MSCI on Monday, requesting the withdrawal of a proposed index eligibility test. The test could lead to MicroStrategy's removal from MSCI's global benchmark indexes, a proposal Saylor called "discriminatory, arbitrary, and misleading."

The rule consultation, launched in August, targets what MSCI refers to as "non-operating companies," defined as issuers whose operating assets are less than half of their total assets. If a company triggers four out of five metrics, it will be deemed ineligible. JPMorgan analysts estimated in November 2025 that MicroStrategy's removal from MSCI could lead to $2.8 billion in outflows, potentially increasing to $11.6 billion if other index providers follow suit. Besides MicroStrategy, the UK's Yellow Cake and Japan's Metaplanet could also be affected. MSCI's feedback deadline is September 30, with results expected to be announced on October 16.