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MSCI to Remove Strategy and Metaplanet From Indexes on November 30
Revised eligibility rules target non-operating companies, raising concerns about passive fund outflows.
TL;DR
- MSCI will remove Strategy and Metaplanet from its U.S. and Japanese stock indexes, respectively, effective November 30, 2026.
- The decision follows revised eligibility rules that exclude certain non-operating companies, including digital asset treasury firms.
- Strategy faces potential selling pressure from index-tracking funds, while both companies' shares declined amid the reshuffle.
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MSCI announced on November 11, 2026, that it will remove Bitcoin treasury companies Strategy (MSTR) and Metaplanet (3350.T) from its stock indexes at the close of November 30, following changes to its eligibility rules for non-operating companies.
Strategy will be deleted from the MSCI USA Index, part of its global standard index family, while Japan-based Metaplanet will leave the MSCI Japan Small Cap Index. The decision follows months of debate over whether companies primarily focused on holding digital assets should qualify for inclusion in traditional equity benchmarks.
Why MSCI Is Excluding Bitcoin Treasury Companies
The removals follow MSCI's adoption of a revised methodology in October that treats certain digital asset treasury companies as non-operating businesses, placing them in a category similar to investment funds. The changes replace temporary restrictions that applied to companies holding at least half their assets in cryptocurrencies.
Under the revised framework, MSCI evaluates companies based on their operating assets and five financial measures. One consideration is whether a company incurs substantial operating costs. MSCI previously said companies could be removed if they failed its eligibility screening across their two most recent annual filing periods. The index provider's November review documents did not provide company-specific explanations for the deletions.
Strategy's business has become heavily dependent on its Bitcoin treasury strategy, with BTC accounting for most of the assets on its balance sheet. The company's investment-focused structure has drawn attention under the new methodology. MSCI has also placed other cryptocurrency treasury companies, including Sharplink, Cypherpunk and Defi Dev Corp., on its watchlist. However, Ethereum treasury company Sharplink was not included among the deletions in the November small-cap review.
Strategy Executive Chairman Michael Saylor and Phong Le previously criticized MSCI's proposed treatment of digital asset treasury companies, calling it "discriminatory." Strategy also argued in a September letter that exclusion from the indexes would have no meaningful effect on its business but would damage MSCI's reputation as a neutral index provider.
Strategy Faces Potential Passive Fund Outflows
The removal could create selling pressure on Strategy shares as investment funds tracking MSCI benchmarks adjust their holdings to reflect the revised index composition. According to a Strategy company filing, passive funds with exposure to MSCI indexes hold almost $3 billion worth of MSTR shares, representing more than 3% of the stock's supply.
Those holdings represent a potential source of outflows as funds rebalance their portfolios following the index changes. Metaplanet could face similar pressure from investment vehicles tracking the affected Japanese benchmark. These expected portfolio adjustments are distinct from the confirmed index deletions and do not establish how much stock will ultimately be sold.
MSTR and Metaplanet Shares Decline
Strategy shares fell in after-hours trading following the announcement, although market snapshots showed different prices and percentage declines. Metaplanet shares had already closed lower in Tokyo before MSCI disclosed the index changes.
Strategy's broader stock performance had also weakened ahead of the index decision. MSTR had declined more than 4% over the preceding week and 20% over the previous month, bringing its year-to-date loss to more than 22%. The decline marked a reversal from an earlier rally in the company's shares that accompanied a recovery in Bitcoin.
This article has been refined and enhanced by ChatGPT.
