MSCI Finalizes Rules That Could Eject Bitcoin Treasury Firms Strategy and Metaplanet From Equity Indexes

MSCI, one of the world's biggest stock index providers, has finalized rules proposed in August that could remove shares of leading bitcoin (BTC) treasury companies Strategy (MSTR) and Metaplanet (3350) from its global equity indexes after the close of trading on Nov. 30, CoinDesk reported. The final list of affected firms will be named on Nov. 11.

Under the rules announced Thursday, companies that exist mainly to hold investments — rather than run a real business — will be deemed ineligible for MSCI's Global Investable Market Indexes.

JPMorgan analysts have estimated that Strategy's exclusion could prompt about $2.8 billion in stock outflows, though index funds' forced sales would affect the company's shares, not its bitcoin holdings. Bitcoin was trading around $81,387 at the time of publication.

Why index membership matters

The decision is significant because it affects demand for the companies' shares. Many investors gain exposure to stock markets by placing their money in funds that track an index. When a company is added to an index, those funds must buy its stock. When it is removed, they must sell, whatever the fund managers think of the company.

“The MSCI episode highlights a growing tension between traditional index construction and the rise of companies that treat Bitcoin as a core treasury asset rather than a secondary holding,” decentralized infrastructure network ZEROBASE said on X. “Passive capital has become an important source of demand for these stocks; any sustained reduction in that bid could tighten the equity-issuance window that several of them rely on to fund further purchases.”

Strategy carries the largest exposure

The risk is biggest for Tysons Corner, Virginia-based Strategy, the largest publicly listed bitcoin holder, with 848,250 BTC worth about $69.67 billion, according to Bitcoin Treasuries. The company tends to fund its purchases by selling preferred shares such as STRC and STRK.

JPMorgan analysts have estimated that index exclusion could trigger outflows of about $2.8 billion from MSTR stock. Strategy's shares closed at $151.29 on Thursday, down about 72% from their record high of $543 in November 2024. Tokyo-listed Metaplanet closed at 277 yen ($1.75) on Friday, according to TradingView, well below its June 2025 peak of 1,930 yen.

Any selling would hit the shares, not the bitcoin. Index funds would be dumping the stock, which does not necessarily mean Strategy would sell its bitcoin. But weaker demand for the shares could make it harder for these companies to raise the money they use to buy more bitcoin — the accumulation strategy they have long pursued to stack up more coins.

Strategy's founder, Michael Saylor, has described the company as an operating business with a software arm and its bitcoin treasury as a distinct business segment, and has comparisons with investment funds. Strategy, originally known as MicroStrategy, sells business intelligence software to companies including Coca-Cola and Porsche.

How MSCI decides who is out

MSCI already excludes investment funds and similar vehicles. The new rules extend that treatment to companies that look like them.

First, MSCI checks whether a company has substantial operating assets, meaning assets tied to a real business. If it fails that test, the company faces a second screen based on five financial ratios covering expenses, cash flow, changes in asset values and reliance on outside financing. A company flagged on four or more of the five is ineligible.

To avoid constant churn in the index, MSCI has added buffers. A member is removed only if it fails the screen in each of its two most recent annual filing periods. A company outside the index is blocked from joining if it fails in either of its two most recent periods.

In a first test run using May 2026 data, MSCI flagged three companies for possible removal from its ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, a U.K. uranium investment company. That the initial test caught a uranium investment company alongside the bitcoin treasuries shows the new screens target investment-holding structures in general, not bitcoin treasuries alone.

MSCI is also ending the temporary measures it announced in October 2025 for companies with digital assets making up 50% or more of total assets. Those measures froze increases in the share counts used in the index and put off additions and size-segment moves for those companies. From the November review onward, they will be judged under the new rules instead. The November review will be the first conducted under the new framework, replacing the temporary freeze with a permanent eligibility test tied to companies' annual filings. The final list, due Nov. 11, will show which firms the new screens catch, with any removals taking effect after the close of trading on Nov. 30.