MSCI finalizes rules that could remove Strategy and Metaplanet from global equity indexes
MSCI adopted new methodology excluding non-operating companies from its Global Investable Market Indexes, putting Bitcoin treasury firms Strategy and Metaplanet at risk of removal effective November 30.
Why it matters
Removal from MSCI indexes would force passive funds tracking those benchmarks to sell shares of affected companies, potentially reducing a significant source of demand for Strategy and Metaplanet stock. Strategy has used its share price premium to fund Bitcoin purchases through equity issuance; a lower share price could make that strategy less effective. The rule change also signals broader index-provider scrutiny of corporate structures built primarily around digital-asset treasuries.
Where the sources disagree
Upexi status under new methodology
identified for deletion under the methodology
Cointelegraph
on the watchlist alongside Bitmine, Cypherpunk Technologies, and DeFi Development
CoinGape, Bitcoin Insider
Sources disagree on whether Upexi was identified for confirmed deletion or placed on a watchlist
Watchlist composition for crypto treasury firms
SharpLink (SBET), Ton Strategy Company (TONX), Solana Company (HSDT), DeFi Development Corp (DFDV)
Cointelegraph
Bitmine, Upexi, Cypherpunk Technologies, DeFi Development
CoinGape, Bitcoin Insider
SharpLink, DeFi Development Corp, Ton Strategy Company
BTC-ECHO
Ethereum treasury company SharpLink among three firms on proposed watchlist
CryptoSlate
Different outlets report varying lists of companies on the watchlist
Yellow Cake inclusion in potential deletions
Yellow Cake was among firms flagged for removal in August simulation
Crypto.News, CryptoSlate
Not mentioned in other outlets' reporting of the simulation results
CoinGape, Cointelegraph, Bitcoin Insider, BTC-ECHO, CoinDesk, Unchained, Decrypt
Only some sources mention uranium investment company Yellow Cake as flagged for removal in the August simulation
Key facts
MSCI adopted new methodology excluding non-operating companies from Global Investable Market Indexes
Reported by CoinGape
Changes take effect at close of November 30, 2026 as part of November index review
Reported by Cointelegraph
Strategy (MSTR) and Metaplanet (3350) identified in August simulation as potential deletions
Reported by CoinGape
Existing index members must fail screen in two latest annual filing periods before removal
Reported by Crypto.News
MSCI ends temporary restrictions on companies with 50% or more digital asset holdings
50 %Reported by Crypto.News
What happened
MSCI announced on October 15 that it will adopt, with minor modifications, the August proposal to bar non-operating companies from its Global Investable Market Indexes. The rules take effect at the close of November 30, with a final list of affected companies due November 11. Strategy (MSTR) and Japan-based Metaplanet (3350) were identified in an August simulation as potential deletions. The methodology applies a core screen for substantial operating assets followed by five financial-ratio tests; companies flagged on four or more ratios become ineligible. Existing index constituents must fail across two recent annual filing periods before removal. MSCI also ends a temporary reprieve for companies with 50% or more digital-asset holdings. JPMorgan previously estimated Strategy's exclusion could trigger roughly $2.8 billion in forced index-fund selling. Sources disagree on whether Upexi faces confirmed deletion or watchlist status, and on the exact composition of the watchlist, which variously includes SharpLink (SBET), Ton Strategy Company (TONX), Solana Company (HSDT), DeFi Development Corp (DFDV), Bitmine, Cypherpunk Technologies, and uranium firm Yellow Cake.
How the story developed
- Official statement
MSCI adopts final methodology with minor modifications
Announcement dated October 15 confirms adoption of August proposal
- First report
First report by CoinGape
Bitcoin Treasury Firms Strategy, Metaplanet Face Potential Removal as MSCI Adopts New Index Rules
- Update
MSCI launches consultation on non-operating company methodology
Index provider proposed expanding definition of non-operating companies and two-screen test
- Update
Media outlets report on adoption and potential impact on Strategy and Metaplanet
Multiple crypto news outlets publish analysis of new rules and affected companies
- Update
MSCI to publish final list of affected companies
Index provider will announce which constituents face removal
- Independent corroboration
Independently corroborated by Cointelegraph
MSCI adopts index exclusion rules that could oust Strategy
- Resolution
Methodology takes effect at November index review close
Non-operating companies removed from Global Investable Market Indexes after market close
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 16 Oct 2026, 00:10 UTC: CoinGape — 1 independent source, 1 reports
- 16 Oct 2026, 00:48 UTC: Cointelegraph — 2 independent sources, 2 reports
- 16 Oct 2026, 00:55 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 16 Oct 2026, 04:31 UTC: Crypto.News — 4 independent sources, 5 reports
- 16 Oct 2026, 06:51 UTC: TheNewsCrypto — 5 independent sources, 6 reports
- 16 Oct 2026, 06:55 UTC: BTC-ECHO — 6 independent sources, 7 reports
- 16 Oct 2026, 08:34 UTC: CoinDesk — 7 independent sources, 8 reports
- 16 Oct 2026, 10:26 UTC: Unchained — 8 independent sources, 9 reports
- 16 Oct 2026, 16:20 UTC: CryptoSlate — 9 independent sources, 12 reports
- 16 Oct 2026, 16:32 UTC: Bitcoin Magazine — 10 independent sources, 13 reports
- 16 Oct 2026, 18:16 UTC: Decrypt — 11 independent sources, 14 reports
- 16 Oct 2026, 19:01 UTC: CryptoPotato — 12 independent sources, 15 reports
Affected entities
Also mentioned: Ethereum, Solana, Toncoin, Ripple, Nasdaq, U.S. Securities and Exchange Commission, Coinbase
Original sources
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