TL;DR
MSCI approved new rules that could exclude Strategy, Metaplanet, and other companies primarily focused on holding investments on their balance sheets.
The final list of affected companies will be published on November 11, with exclusions taking effect after the market closes on November 30.
JPMorgan estimates that Strategy’s removal from the indexes could trigger approximately $2.8 billion in share sales.
MSCI approved new eligibility rules that could remove Strategy and Metaplanet , two major publicly traded companies holding Bitcoin on their balance sheets, from its equity indexes.
The rules, initially proposed in August, establish that companies whose primary activity involves holding investments rather than operating a business will no longer qualify for inclusion in the MSCI Global Investable Market Indexes .
MSCI will publish the final list of affected companies on November 11 . The changes will take effect after the market closes on November 30 .
Strategy and Metaplanet Among Companies Facing Exclusion
A preliminary assessment using May 2026 data identified three companies that could be removed from the MSCI ACWI Investable Market Index: Strategy, Metaplanet, and Yellow Cake , a British company specializing in uranium investments.
Strategy is the largest corporate Bitcoin holder. According to Bitcoin Treasuries, it holds 848,250 BTC , worth approximately $69.67 billion .
The company finances some of its purchases through preferred stock issuances , including STRC and STRK.
JPMorgan analysts estimate that a potential exclusion of Strategy could trigger approximately $2.8 billion in outflows from its shares.
Funds tracking stock market indexes must adjust their portfolios when index composition changes. As a result, removing a company can trigger share sales regardless of fund managers’ views on its prospects.
These sales would affect Strategy’s shares, not its Bitcoin reserves directly. However, weaker demand for its stock could make future share issuances to finance additional BTC purchases more difficult.
MSCI Introduces Two Tests to Determine Exclusions
The new rules expand restrictions MSCI already applies to investment funds and similar vehicles.
First, the index provider will assess whether a company holds sufficient operating assets tied to a commercial business.
Companies that fail this assessment must undergo a second test based on five financial indicators covering expenses, cash flow, changes in asset values, and reliance on external financing.
Companies that fail four or more of the five criteria will be classified as ineligible.
MSCI also introduced safeguards to prevent frequent additions and removals. An existing index constituent will only be excluded if it fails the criteria in its two most recent annual reporting periods . For companies not currently included in the index, failing the criteria in either of those periods will be sufficient to prevent inclusion.
Strategy founder Michael Saylor has maintained that the company operates a business through its software division and that its Bitcoin treasury constitutes a separate business segment.
MSCI will also discontinue the temporary measures introduced in October 2025 for companies whose digital assets accounted for at least 50% of their total assets . Starting with the November review, these companies will be assessed under the new rules.
