MSCI confirms Strategy, Metaplanet, Upexi deletion from global indexes after Nov. 30
In brief
- "STRATEGY A" appears with the action "Deleted" on MSCI's November review final list.
- Metaplanet and Upexi are also marked for deletion; Sharplink was placed on a watchlist.
- Changes take effect after market close on Nov. 30, per MSCI's October timetable.
- JPMorgan previously estimated Strategy's exclusion could trigger roughly $2.8 billion in selling.
- Strategy said MSCI-linked funds held about 13 million shares, or 3.1% of basic shares.
What MSCI's final list shows
MSCI's final list of affected securities (released as part of its November index review) lists "STRATEGY A" with the action "Deleted." Metaplanet and Upexi carry the same marking. Sharplink, the Ether treasury firm, wasn't cut. It's on a watchlist instead.
The timing isn't new. MSCI announced the implementation timetable in October, and the deletions take effect after the Nov. 30 close under that schedule.
The decision follows months of debate.
That debate came down to a single question, which was whether crypto treasury firms qualify as operating businesses at all, and the final list is MSCI's answer for three of them.
The passive selling question
Index deletions matter because of who's holding the shares. Removal could prompt funds tracking the affected benchmarks to sell the companies' shares, Cointelegraph reported, reducing a source of passive investment demand.
JPMorgan put a number on it. The bank had previously estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling, as Cointelegraph reported in October. That's an estimate from JPMorgan, not a tally of what's happened.
Strategy objects, then downplays
Strategy opposed the proposal. In its consultation response, the company argued that MSCI's plan repackaged the index provider's earlier effort to exclude digital asset treasury companies and injected policy judgments into index construction.
Strategy nevertheless played down the potential disruption. In that same response, it said MSCI-linked funds held approximately 13 million shares, which it put at 3.1% of its basic shares outstanding and less than one day's trading volume.
So there are two framings on the record. JPMorgan's estimate runs to roughly $2.8 billion, while Strategy's own math puts the MSCI-linked position at under a day of volume (and the company didn't hide its disagreement with the rule itself). The index changes take effect after the Nov. 30 close.
Frequently asked questions
When does MSCI's removal of Strategy take effect?
The index changes take effect after market close on Nov. 30, under an implementation timetable MSCI announced in October. MSCI's November index review final list shows "STRATEGY A" with the action "Deleted."
Which other companies did MSCI mark for deletion?
Japan's Metaplanet and crypto treasury company Upexi were also marked for deletion on MSCI's final list. Ether treasury firm Sharplink was placed on a watchlist rather than marked for deletion.
Why does removal from MSCI indexes matter for Strategy?
Cointelegraph reported that removal could prompt funds tracking the affected benchmarks to sell the companies' shares, reducing a source of passive demand. JPMorgan had previously estimated Strategy's exclusion could trigger roughly $2.8 billion in selling. Strategy said MSCI-linked funds held about 13 million shares, or 3.1% of basic shares outstanding and less than one day's trading volume.
