MSCI Adopts Rules That Could Remove Strategy (MSTR), Metaplanet From Indexes

Author: Crypffalo Research · 11:56 16/10/2026

MSCI finalized its 'non-operating company' screen, putting bitcoin treasury firms Strategy and Metaplanet at risk of index removal. The affected list is due Nov 11, with changes effective after Nov 30.

MSCI Adopts Rules That Could Remove Strategy (MSTR), Metaplanet From Indexes

Index provider MSCI has formally adopted a new methodology for "non-operating companies," a move that puts Strategy (MSTR) and Metaplanet at risk of removal from its global indexes. The decision was announced after the U.S. market close on Oct 15.

According to The Block and Cointelegraph, both bitcoin treasury firms were flagged in an earlier MSCI simulation. The final list of affected companies is due on Nov 11.

Key takeaways

Decision: MSCI will apply a new screen to its Global Investable Market Indexes starting with the November index review.
Who's exposed: Strategy, Metaplanet and Yellow Cake were flagged in a May simulation, with SharpLink on a watchlist.
Timeline: The affected list lands Nov 11, with changes effective after the Nov 30 close.
Scale: MSCI-tracking funds hold roughly 13 million MSTR shares, about 3.1% of basic shares outstanding.
Pushback: Strategy disputes the label, arguing its bitcoin treasury is a genuine operating business.

What MSCI decided

The new rules replace an interim policy that targeted companies whose digital asset holdings made up at least 50% of total assets. Instead of looking at crypto holdings, MSCI will now assess firms on operating assets and five financial ratios.

Per Crypto Adventure, the five tests cover operating assets, expenses, operating cash flow, fair-value changes and reliance on external financing. A company that fails the operating-assets check and trips at least four of the five tests can be deemed ineligible.

Crucially, existing constituents get a buffer. A current index member is removed only if it fails the screen in each of its two most recent annual reporting periods, while new candidates can be rejected after failing in either one.

A year-long standoff

The dispute between MSCI and crypto treasury companies has played out over most of 2026:

Jan 6: MSCI shelved its earlier proposal, citing the need for further research.
May: An MSCI simulation flagged Strategy, Metaplanet and Yellow Cake as potential deletions.
Aug 3: MSCI launched a consultation on the new methodology.
Aug 31: Strategy sent a letter asking MSCI to withdraw the proposal.
Oct 15: MSCI adopted the methodology with minor modifications.
Nov 11 and Nov 30: The affected list is published, then changes take effect after the close.

Key MSCI milestones for crypto treasury companies

Strategy's case and the size of potential selling

Strategy held 848,250 BTC as of its Oct 12 update, which The Block describes as the world's largest publicly traded bitcoin holder. The company argues that its bitcoin treasury operations and financial products qualify as an operating segment under U.S. accounting standards.

Strategy says index-tracking funds hold about 13 million MSTR shares. That is less than a typical day's trading volume, which the company says limits the real-world impact.

JPMorgan previously estimated that an exclusion could trigger around $2.8 billion in selling. That estimate, however, applied to MSCI's earlier proposal rather than the methodology adopted this week.

MSTR rose 5.62% to close at $151.29 on Oct 15, but that rally came before MSCI's announcement. The market's verdict will become clearer in the next trading session.

What it means for crypto markets

Bitcoin traded near $82,000 on Friday morning in Asia, up about 0.7% over 24 hours after briefly slipping below $80,000 on hot inflation data. The MSCI news has not moved BTC much so far, with the pressure concentrated in treasury company stocks.

Bull case: The two-period buffer means removal is not automatic, and if Strategy avoids the Nov 11 list, pressure on MSTR could ease quickly.
Risk case: If Strategy and Metaplanet are removed, passive funds would have to sell, making it harder for these firms to raise capital for further bitcoin purchases.

Strategy has been a steady BTC buyer this year, so its access to capital is closely watched. Recently, it has slowed its purchases and spent more on buying back preferred shares.

What to watch next

Oct 16 session: How MSTR, Metaplanet and other treasury stocks react.
Oct 27–28: The FOMC meeting, as markets weigh the odds of another Fed hike.
Nov 11: MSCI publishes the list of affected companies.
After the Nov 30 close: Index changes take effect.

Track macro dates on our economic calendar and leverage flushes on real-time liquidations.

Frequently Asked Questions

Has Strategy been removed from MSCI indexes yet?

No. MSCI has only adopted the methodology, with the official list due Nov 11 and changes effective after the Nov 30 close.

Would this force Strategy to sell bitcoin?

Not directly. The selling would come from index funds offloading MSTR shares, though it could make it harder for Strategy to raise money to buy more BTC.

Why is MSCI targeting crypto treasury companies?

MSCI wants to separate businesses with real operations from companies that function more like investment vehicles holding assets.

*This content is for information only and is not financial advice.*

Tags: Strategy, MSCI, Bitcoin, MSTR

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