MSCI Approves New Rules That Could Remove Strategy and Metaplanet From Indexes

MSCI, one of the world’s leading stock index providers, has finalized rules that could lead to the removal of major Bitcoin-holding companies Strategy and Metaplanet from its global equity benchmarks. The new policy was initially proposed in August.

Under the rules announced on Thursday, companies whose primary activity is holding investments rather than operating an established business will no longer qualify for MSCI’s Global Investable Market Indexes. The provider is expected to publish the final list of potentially affected companies on November 11, with the changes scheduled to take effect after the market closes on November 30.

The decision matters because inclusion in major stock indexes can influence investor demand. Many investors gain exposure to equity markets through passive funds that track specific benchmarks. When a company joins an index, those funds typically purchase its shares; when it is removed, they generally sell their holdings, regardless of their assessment of the company’s individual prospects.

Decentralized infrastructure network ZEROBASE said the decision highlights growing friction between traditional index methodologies and businesses that treat Bitcoin as a core treasury asset rather than a secondary investment. The organization also warned that passive investors have become an important source of demand for these stocks, meaning a sustained reduction in buying could make it harder for some companies to issue shares and raise money for additional Bitcoin purchases.

Strategy, headquartered in Tysons Corner, Virginia, faces the greatest potential impact. It is the largest publicly traded corporate Bitcoin holder, with 848,250 BTC valued at approximately $69.67 billion, according to Bitcoin Treasuries. The company has frequently financed its Bitcoin acquisitions by issuing preferred shares, including STRC and STRK.

JPMorgan analysts have estimated that removing Strategy from MSCI indexes could trigger approximately $2.8 billion in outflows from its stock. Strategy shares closed at $151.29 on Thursday, roughly 72% below their November 2024 peak of $543.

Metaplanet, a Tokyo-based company that has also accumulated substantial Bitcoin holdings, could face similar pressure. Its shares closed at 277 yen, or approximately $1.75, on Friday, after reaching a high of 1,930 yen in June 2025, according to TradingView.

Any index-driven selling would directly affect the companies’ shares rather than automatically triggering sales of their Bitcoin reserves. Funds tracking the affected indexes would sell the stocks, but that would not necessarily force Strategy or Metaplanet to liquidate their cryptocurrency holdings.

Nevertheless, weaker demand for their shares could make it more difficult for these companies to raise capital for future Bitcoin acquisitions. Both companies have pursued strategies centered on expanding their Bitcoin reserves, with funding often dependent on access to equity markets.

Strategy founder Michael Saylor has argued that the company should not be classified as an investment fund. He describes Strategy as an operating business with a software division and a separate Bitcoin treasury operation. Originally known as MicroStrategy, the company sells business intelligence software to corporations, including Coca-Cola and Porsche.

How MSCI’s New Eligibility Rules Work

MSCI already excludes investment funds and comparable investment vehicles from its equity indexes. The new framework extends the eligibility assessment to companies whose activities increasingly resemble those of investment funds.

The process begins with an assessment of whether a company has substantial operating assets associated with an active business. Companies that fail this initial screening face a second evaluation based on five financial ratios covering expenses, cash flow, changes in asset values and dependence on external financing. A company that fails at least four of these five tests becomes ineligible for inclusion.

To limit frequent changes to index membership, MSCI has introduced additional safeguards. An existing constituent will be removed only if it fails the screening criteria in both of its two most recent annual reporting periods. Companies seeking admission will be excluded if they fail the test in either of those periods.

During an initial assessment using May 2026 data, MSCI identified three companies as potential candidates for removal from its ACWI Investable Market Index. They were Strategy, Metaplanet and Yellow Cake, a U.K.-based uranium investment company.

MSCI is also ending the temporary provisions announced in October 2025 for companies whose digital assets accounted for at least 50% of their total assets. Those measures prevented increases in the share counts used in index calculations and delayed additions or transfers between index size categories for affected companies.

Beginning with the November review, these businesses will instead be evaluated under the finalized eligibility framework.

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