MSCI Rules Could Drop Strategy And Metaplanet From Indexes From 30 November

MSCI adopts rules that could drop Strategy and Metaplanet from its indexes

MSCI has adopted new eligibility rules that could remove Strategy (MSTR) and Japan’s Metaplanet from its global equity indexes, with the final list of affected companies due on 11 November.

The index provider announced on 15 October that companies it classifies as non-operating, those whose assets are held mainly for investment rather than used in a business, will be ineligible for its Global Investable Market Indexes. The change takes effect at the close of 30 November.

The methodology screens a company first on whether it holds substantial operating assets, then on five financial ratios covering expenses, cash flow, asset value changes and reliance on outside financing. Failing the operating asset test plus four or more of the five ratios makes a company ineligible.

Removal is not automatic

Existing constituents will generally be removed only if they fail the screen in each of their two most recent annual filing periods, and MSCI said it may use the most recent interim filing where one is available. “To reduce index turnover, buffers will apply to both the eligibility thresholds of the financial ratios and the timing of index inclusion and removal,” MSCI wrote in the announcement.

A simulation run on May 2026 data flagged Strategy, Metaplanet and UK uranium investment firm Yellow Cake as potential deletions from the MSCI ACWI Investable Market Index. Approval of the rules does not confirm removal of any of them; the final list on 11 November settles that. The full list will appear on MSCI’s index announcements page.

How much passive money is at stake

JPMorgan analysts have estimated that an index exclusion could trigger roughly $2.8 billion of outflows from MSTR shares, though the estimate was tied to MSCI’s earlier digital asset proposal rather than the rules adopted this month. Strategy put its own figure on the exposure in August, saying funds tracking the Global Investable Market Indexes hold about 13 million of its shares, 3.1% of basic shares outstanding, less than a day’s trading volume.

The company pushed back hard during the consultation. In a September letter, it wrote: “If adopted, the proposal would have no meaningful impact on Strategy’s business, but it would profoundly harm MSCI’s reputation as a reliable and neutral index provider.” Executive chairman Michael Saylor and chief executive Phong Le have previously called MSCI’s approach discriminatory against digital asset treasuries. The company still sells business intelligence software to clients including Coca-Cola (KO) and Porsche, and funds its bitcoin (BTC.X) buying through preferred share sales such as STRC and STRK.

Any selling that followed a removal would come from index-tracking funds adjusting portfolios, not from Strategy selling its bitcoin. The company holds 848,250 BTC worth about $69.67 billion as of mid-October, according to Bitcoin Treasuries. The new rules also replace interim restrictions MSCI imposed in October 2025 on companies with digital assets worth 50% or more of total assets.

MSTR closed at $151.29 on 15 October, down about 72% from its record high of $543 set in November 2024.