MSCI's New Index Rules Put Bitcoin Treasury Firms Strategy and Metaplanet at Risk of Removal; Final List Due November 11
Key Takeaways
- •MSCI has adopted new rules that restrict the index inclusion of companies whose primary activity is holding investment assets rather than conducting commercial operations.
- •Strategy and Metaplanet are reportedly under consideration for removal from MSCI's Global Investment Grade Market Indices beginning in December, but a final removal list has not yet been released.
- •The framework applies a two-stage screening process, beginning with an assessment of operating assets and followed by five sector-agnostic financial ratios, with exclusion occurring when at least four thresholds are exceeded.
- •A company must meet the relevant conditions in its two most recent financial reporting periods to be removed from its current index.
- •The final list of affected companies is scheduled to be announced on November 11, 2026, and any delisting could prompt funds tracking MSCI indices to restructure their portfolios.
MSCI, one of the world's leading index providers, has adopted new rules restricting the inclusion of companies that are not currently operational in its indices — a development that could affect the future of Bitcoin treasury firms included in major benchmarks.
Following the announcement, the Bitcoin treasury companies Strategy and Metaplanet are reportedly being considered for removal from the MSCI Global Investment Grade Market Indices starting in December. However, MSCI has not yet published a final list of companies slated for removal.
According to MSCI's statement, the eligibility of non-operating companies for index inclusion will be reviewed under the new regulations. The rules are set to come into effect as part of the November 2026 index review, and the resulting changes will apply from the market close on November 30 — timing that lines up with the December removal window referenced for the two firms.
Which Criteria Will Companies Be Evaluated By?
MSCI's new rules cover companies whose primary activities are based on holding investment assets such as Bitcoin, rather than on commercial operations. Strategy falls among the firms expected to be affected by the framework due to the large amount of Bitcoin held on its balance sheet.
According to the statement, the new rules foresee a two-stage screening process. In the first stage, companies will be examined to determine whether they possess significant operating assets. Firms that fail this assessment will then be subject to a second screening process based on five financial ratios, applied regardless of sector — a sector-agnostic test rather than one aimed specifically at digital asset holders.
Companies that exceed the specified limits in at least four of the five indicators will lose their right to be included in the securities indices. In addition, for a company to be removed from its current index, it must meet the relevant conditions in both of its last two financial reporting periods.
Final List to Be Announced on November 11
MSCI has listed Strategy and Metaplanet among the companies that could be affected by its new rules, with the final list scheduled to be announced on November 11, 2026.
Both companies' business models, which are built on Bitcoin accumulation, are significant in terms of the application of the new criteria. Index membership carries practical weight in this context: funds that track MSCI indices generally hold the constituents those benchmarks include. If the two firms are ultimately delisted, funds that track MSCI indices may need to restructure their portfolios.
Whether Strategy and Metaplanet appear on that final list will determine their standing in the indices when the new rules take effect, making the November 11 announcement the next milestone for the two Bitcoin treasury firms.
*This is not investment advice.
