MSCI finalizes rules that could eject Strategy, Metaplanet from indexes

Index giant MSCI has finalized rules, first proposed in August, that would make companies existing mainly to hold investments ineligible for its global equity indexes — a screen that targets bitcoin treasury firms Strategy and Metaplanet. The final list of affected companies is due Nov. 11, with the change taking effect at the close of trading on Nov. 30.

• In a May 2026 data test, MSCI flagged Strategy, Metaplanet and Yellow Cake for possible removal from its ACWI Investable Market Index. Companies fail if they lack substantial operating assets and are flagged on four or more of five financial ratios covering expenses, cash flow, asset-value changes and outside financing; buffers require failure in two consecutive filing periods.
• JPMorgan has estimated Strategy's exclusion could trigger roughly $2.8 billion in forced stock outflows, though index funds would sell shares — not the company's 848,250 BTC (~$69.7 billion).
• Weaker share demand could tighten the equity-issuance window these firms rely on to fund further bitcoin purchases.