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ZEC $1,223 MSCI adopts new index rules that could remove Strategy and Metaplanet
The index provider will publish its final removal list on Nov. 11, with changes taking effect on Nov. 30, 2026.
Key takeaways
- Final list due Nov. 11. MSCI will release the companies to be removed on Nov. 11, with effect on Nov. 30, 2026.
- Four of five fails. Companies flagged on at least four of five financial ratios face exclusion under the methodology.
- Strategy shares at $149. Strategy stock traded at $149 in overnight trading, down over 1%, per TradingView data.
What happened
MSCI said it will adopt a methodology proposed in August that makes non-operating companies ineligible for its Global Investable Market Indexes. Strategy, Metaplanet and Upexi were previously identified for deletion under the methodology, and MSCI will announce its final list on Nov. 11.
The final list will take effect on Nov. 30, 2026. Under the rules, MSCI assesses companies on operating assets and five financial ratios, and companies failing at least four of the five tests could be deemed ineligible. Existing index members must generally fail the screening over two annual reporting periods before removal.
Other crypto treasury firms face potential exclusion. Sharplink, Inc (SBET), Ton Strategy Company (TONX), Solana Company (HSDT) and DeFi Development Corp. (DFDV) are among companies that would be put on a watchlist for potential removal. Bitmine, Upexi, Cypherpunk Technologies and DeFi Development are also on the watchlist.
First $84.4KLatest $82.3K-2.6% over the period
Points are daily observations, not closing prices.
Why it matters
Removal could force funds tracking MSCI indexes to sell the affected companies' shares, potentially putting pressure on stock prices and reducing passive investment demand. Conner Brown, executive director of the Bitcoin Policy Institute, said in September that exclusion removes a company from the default portfolios of tens of millions of people who never chose to remove it.
JPMorgan analysts previously estimated that Strategy's exclusion from MSCI indexes could trigger roughly $2.8 billion in selling, though that estimate concerned MSCI's earlier digital asset proposal rather than the rules adopted Thursday. Strategy said funds tracking the indexes hold approximately 13 million shares, or 3.1% of its basic shares outstanding, and that those holdings amount to less than one day's trading volume.
What the data shows
Strategy stock traded at $149 in overnight trading, down over 1%, according to TradingView data.
What is still unclear
- MSCI's final list of companies to be removed is not yet published, so it is not confirmed which firms will leave the indexes.
- The JPMorgan selling estimate of roughly $2.8 billion concerned MSCI's earlier digital asset proposal, not the rules adopted Thursday.
Questions readers ask
Which companies could be removed from MSCI indexes?
Strategy, Metaplanet and Upexi were previously identified for deletion under the methodology. Sharplink, Ton Strategy Company, Solana Company and DeFi Development Corp. are among companies that would be put on a watchlist for potential removal.
When will MSCI announce the final list?
MSCI will release the final list of companies to be removed on Nov. 11, and it will take effect on Nov. 30, 2026.
How does MSCI decide which companies are ineligible?
MSCI assesses companies based on their operating assets and five financial ratios. Companies failing at least four of the five tests could be deemed ineligible, and existing index members must generally fail the screening over two annual reporting periods before removal.
What could removal mean for affected shares?
Removal could force funds tracking MSCI indexes to sell the affected companies' shares, potentially putting pressure on stock prices and reducing passive investment demand. JPMorgan analysts previously estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling under MSCI's earlier digital asset proposal.
