MSCI to rule on whether Strategy and Metaplanet stay in its global indexes
In brief
- MSCI planned to publish its final November review list on November 11 at 5:00 p.m. ET.
- Strategy and Metaplanet were among five preliminary deletion candidates, per Crypto Briefing.
- JPMorgan analysts estimated about $2.8 billion in passive outflows if Strategy is excluded.
- Confirmed removals would take effect at the close of trading on November 30.
What MSCI is deciding
Both companies showed up on MSCI's preliminary deletion list along with three other companies (five removal candidates in total). Strategy was expected to account for over 90% of the value of the affected companies, Crypto Briefing reported.
Nothing's final yet. The deletions stay preliminary until MSCI publishes its final list.
If that list confirms removals, they'd take effect at the close of trading on November 30, 2026. Funds that track the affected indexes would then have to sell their holdings.
The $2.8 billion question
JPMorgan analysts estimated that excluding Strategy could lead to approximately $2.8 billion in passive outflows from its shares. Crypto Briefing said the final call could set off billions of dollars in forced selling (that's conditional on MSCI actually confirming the deletions).
That selling would hit the shares. It wouldn't touch the Bitcoin.
The rules don't require either company to liquidate its Bitcoin holdings, according to the outlet.
The companies’ Bitcoin positions would remain intact unless management decides otherwise.
Metaplanet is reported to hold approximately 44,000 BTC, which would make it Japan's largest Bitcoin holder. It's used its corporate balance sheet as a vehicle for Bitcoin accumulation.
Why the rules changed
The deletions stem from a framework MSCI adopted on October 15, 2026. Under it, a company's deemed ineligible for MSCI's Global Investable Market Indexes if it fails two hurdles: a core operating-assets test, and at least four of five financial ratios across its last two annual filings. Those ratios look at operating assets, expenses, cash flow, fair-value changes and capital dependence.
The framework replaced interim thresholds that centered specifically on digital assets at a 50% level. Instead of singling out crypto holdings, the new test applies to a broader range of non-operating entities, so a company doesn't need to be a crypto company to get caught by it.
Frequently asked questions
Why were Strategy and Metaplanet flagged for removal from MSCI indexes?
The deletions stem from a framework MSCI adopted on October 15, 2026. A company is deemed ineligible for MSCI's Global Investable Market Indexes if it fails a core operating-assets test and at least four of five financial ratios across its last two annual filings.
Would Strategy and Metaplanet have to sell their Bitcoin if removed?
No. Forced selling would apply to the companies' shares, held by funds tracking the affected indexes. Crypto Briefing reported that the rules don't require either company to liquidate its Bitcoin holdings, and their positions would remain intact unless management decided otherwise.
When would any MSCI index removals take effect?
MSCI planned to publish its final November 2026 review list on November 11, 2026, at 5:00 p.m. ET. Any removals confirmed in that list would take effect at the close of trading on November 30, 2026.
How much selling could a Strategy exclusion cause?
JPMorgan analysts estimated that excluding Strategy could lead to approximately $2.8 billion in passive outflows from its shares, as cited by Crypto Briefing. That outcome depends on MSCI confirming the deletion in its final list.
