Key Takeaways
- MSCI approved eligibility rules that could remove Strategy and Metaplanet from its global equity indexes.
- The final list is due Nov. 11, with changes effective after the Nov. 30 market close.
- Exclusion could trigger passive fund selling and make financing future Bitcoin purchases more difficult.
Strategy and Metaplanet face potential removal from MSCI’s global equity indexes after the benchmark provider approved rules excluding companies whose financial profiles resemble investment vehicles more than operating businesses.
MSCI announced the decision on Oct. 15, following a consultation launched in August. The final list of affected companies will arrive on Nov. 11, with changes taking effect after trading closes on Nov. 30. Neither company’s removal is final.
The decision creates a potential financing challenge for Bitcoin treasury companies.
Losing index membership could trigger selling by funds tracking those benchmarks and weaken demand for shares that companies use to finance additional cryptocurrency purchases.
MSCI Expands Its Definition of Non-Operating Companies
MSCI already excludes investment funds, business development companies, and other passive investment vehicles from its Global Investable Market Indexes. Its new framework extends that treatment to corporate issuers identified through quantitative tests.
The first screen assesses whether a company has substantial operating assets. Companies that fail face five financial-ratio tests covering operating asset intensity, expenses, cash flow, fair-value exposure, and dependence on external capital.
An issuer flagged on at least four ratios becomes ineligible.
Existing constituents face removal only if they fail the screen in both of their two most recent annual filing periods. Companies outside the indexes cannot join if they fail in either period. MSCI may also consider the latest interim filing.
The framework reaches beyond cryptocurrency companies. A simulation using May 2026 data identified Strategy, Metaplanet, and British uranium investment company Yellow Cake as potential deletions.
That preliminary assessment illustrates the methodology’s reach, but investors must await the November review for confirmed constituent changes.
Potential Stock Outflows Put Financing Models Under Pressure
Index membership matters because funds that track a benchmark adjust their portfolios when the benchmark’s composition changes. Removal can generate selling regardless of a portfolio manager’s assessment of the company’s prospects.
JPMorgan previously estimated that Strategy could face approximately $2.8 billion in outflows if MSCI excluded it, according to the reporting supplied. That estimate concerns a potential outcome rather than confirmed withdrawals under the finalized methodology.
The immediate transactions would involve company shares. Index removal would not, in itself, require Strategy or Metaplanet to sell their Bitcoin holdings.
The broader risk concerns future fundraising. Bitcoin treasury companies use capital markets to expand their cryptocurrency reserves.
Weaker share demand could make equity issuance less attractive, potentially limiting how much Bitcoin they can acquire through new financing.
The effect would depend on market conditions, investor appetite and each company’s available funding options. Index exclusion alone does not establish that either company must abandon its treasury strategy.
For shareholders, Nov. 11 will clarify whether this potential source of selling becomes an actual rebalancing requirement.
Strategy Challenges the Investment-Vehicle Comparison
Strategy has rejected comparisons to investment funds, citing its software operations and treating its Bitcoin treasury activities as a distinct business segment.
Executive Chairman Michael Saylor and CEO Phong Le previously criticized MSCI’s approach.
In a letter, Strategy argued that the proposal discriminated against digital asset treasury companies and challenged the benchmark provider’s neutrality.
MSCI will also replace interim restrictions introduced in October 2025 for companies whose digital assets represent at least half of total assets. Those restrictions limited certain index adjustments and additions.
The November review will therefore test how MSCI’s broader corporate classification applies to Bitcoin treasury businesses. Investors now have two dates to watch: November 11 for the final list and November 30 for implementation.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
