Crypto · · 2 min read
Editor: Bohdan S.
MSCI finalizes rules that could drop Strategy and Metaplanet from indexes
The index giant will bar companies that mainly hold investments from its global benchmarks, putting bitcoin treasury firms at risk of forced selling by index funds from November 30.
The short answer
MSCI confirmed it will treat "non-operating" companies, those that mostly hold assets rather than run a business, as ineligible for its Global Investable Market Indexes from November 30. Bitcoin-holding firms Strategy and Metaplanet were flagged in a test run. Removal would force index funds to sell their shares, with JPMorgan estimating about $2.8 billion of Strategy outflows.
What happened
MSCI said on October 15 that it will adopt, with minor changes, the proposal it put out for consultation on August 3. Companies failing a test for substantial operating assets will then be screened on five financial ratios, and any flagged on four or more will be ineligible. To limit churn, existing members are removed only if they fail in both of their two latest annual filing periods. The rules apply at the November 2026 index review, effective after the close on November 30, with the final list due November 11. A May 2026 test run flagged Strategy, Metaplanet and uranium holder Yellow Cake, according to CoinDesk.
What it means
Index inclusion matters because so much money now tracks benchmarks automatically. When a stock leaves a widely followed index, the funds that copy it must sell, regardless of what managers think of the business. JPMorgan analysts have put the potential hit to Strategy at roughly $2.8 billion of share sales, CoinDesk reported.
The selling would fall on the shares, not on bitcoin itself. Funds would dump Strategy stock, which does not oblige Strategy to sell any of its roughly 848,250 coins. The bigger worry is indirect. Bitcoin treasury companies grow by issuing new shares and preferred stock to buy more coins, and losing passive buyers could make that fundraising harder and more expensive.
Strategy's founder Michael Saylor has long argued the company is an operating business with a software arm and a separate bitcoin treasury segment, not an investment fund. MSCI's screen does not single out crypto; it is designed to catch any issuer that looks like a fund. That is why a uranium holding company appeared on the test list too.
The decision also ends a holding pattern. Since October 2025, MSCI had frozen share-count increases and delayed additions for firms whose digital assets made up at least half their total assets. From the November review, those companies will be judged under the new rules instead.
The bull case
The buffers soften the blow: current members must fail the screen in two straight annual periods before removal, and the final list is not out until November 11. Strategy could argue its software business qualifies, and the end of MSCI's interim freeze removes a long overhang of uncertainty. Once any forced selling is done, the shares would trade more on bitcoin's price and the company's own fundraising.
The bear case
If Strategy and Metaplanet are confirmed, passive funds tracking MSCI benchmarks must sell by the November 30 close, adding pressure to shares already far below their peaks. Strategy closed at $151.29 on Thursday, about 72% under its 2024 high. Fewer index buyers could also make it harder to sell new stock to fund bitcoin purchases, weakening a key source of demand for the coin.
Why it matters
For investors
Strategy, Metaplanet and other companies holding large crypto or investment stakes could see forced selling around the November 30 rebalance, with knock-on effects for the preferred shares Strategy uses to raise cash.
The wider context
Many retirement and index funds hold stocks only because a benchmark does, so index rule changes quietly shape what ordinary savers own and which companies can raise money cheaply.
Market impact
| Asset (ticker) | Possible move | Timeframe | Why |
|---|---|---|---|
| Strategy (MSTR) | ↓ Down | Short term | Index removal would force tracking funds to sell, estimated at about $2.8 billion. |
| Metaplanet (3350.T) | ↓ Down | Short term | Flagged in MSCI's test run, so it faces possible forced selling at the rebalance. |
| Bitcoin (BTC/USD) | ↔ Unclear | Long term | Funds sell shares, not coins, but treasury firms may raise less money to buy bitcoin. |
The FinPrism newsroom's view of how these figures could move, as of . It is general news commentary, not a recommendation to buy, sell or hold anything.
Frequently asked questions
Will Strategy be removed from MSCI indexes?
Not yet confirmed. MSCI will publish the final list of affected companies on November 11, and changes take effect after the close on November 30. Strategy was flagged in a test run using May 2026 data, alongside Metaplanet and Yellow Cake.
What is a non-operating company under MSCI's rules?
It is a company that mainly holds investments rather than running a real business. MSCI first checks for substantial operating assets, then applies five financial ratios. Failing four or more makes a stock ineligible for its Global Investable Market Indexes.
Would MSCI's decision force Strategy to sell bitcoin?
No. Index funds would sell Strategy shares, not bitcoin. The company is not required to sell its coins. However, weaker demand for its stock could make it harder to raise money for further bitcoin purchases.
How this was made: written with AI assistance from the sources listed above, following our editorial standards.
