MSCI's new screen could remove Strategy and Metaplanet from its global indexes after Nov. 30
MSCI adopted rules that bar non-operating companies from its global indexes, putting Strategy and Metaplanet at risk after the Nov. 30 close. The final list is due Nov. 11, and any selling by index-tracking funds depends on who is on it.
The Investor · Invest desk
Bar chart of free-float-adjusted market capitalization in the May 2026 simulation: Strategy about $23.93 billion, Yellow Cake $1.81 billion and Metaplanet $654 million.
Free-float market cap, May 2026 simulation
| Item | Value | Claim |
|---|---|---|
| Strategy, approximately | $23.93 billion | 14 |
| Yellow Cake | $1.81 billion | 14 |
| Metaplanet | $0.654 billion | 14 |
What happened
- MSCI confirmed the decision on Oct. 15, after an August consultation proposed the methodology.
- Companies that fail a first operating-assets test face five financial ratios, and at least four flagged ratios trigger exclusion.
- An August simulation on May 2026 data named Strategy and Metaplanet as potential deletions from the MSCI ACWI Investable Market Index.
- Strategy said in August that funds tracking MSCI's indexes hold about 13 million of its shares, 3.1% of its basic shares and under one day's trading volume.
- JPMorgan analysts earlier put the selling from a Strategy exclusion at roughly $2.8 billion, in an estimate that concerned MSCI's earlier digital asset proposal.
Why it matters
- What it costs cost If MSCI deletes a company, funds that track the index have to sell, and remaining shareholders carry the cost: Cointelegraph says the sales could pressure the stock and cut passive demand.
- What it limits constraint A treasury company trying to join would meet a stricter bar than an incumbent, because a failure in either of its two latest annual filings can block entry.
- Who's exposed exposure The screen runs on financial ratios, so it reaches holding vehicles outside crypto: Yellow Cake, a UK uranium investment company, was also flagged for removal in the simulation.
- What doesn't add up contradiction The two published sizings of the selling differ in method and in the rule they test, so a holder cannot yet choose between them.
We lean toward the smaller sizing of the selling (or rather of the share count that would have to be sold), with little confidence. A count of shares is easier to check than a model of flows, but Strategy gave its count in August after opposing the changes [20][16]. We would be wrong if the Nov. 11 list names Strategy and the sales land near the bank's figure instead [2][23].
The other two simulated deletions are small beside Strategy. Metaplanet's $654 million and Yellow Cake's $1.81 billion of free-float market value add to about $2.46 billion, or 10.3% of Strategy's $23.93 billion [19], and all three figures use May 2026 data, not current valuations [14].
Timing is the other unknown. A current member must fail the screen in each of its two most recent annual filing periods, and MSCI may consider the most recent interim filing when available [3]. MSCI has not confirmed that the simulated deletions will appear in the November review [7]. The final methodology also includes minor modifications to the August proposal, and the October announcement did not detail each one [15].
The two outlets list different watchlist names, and only SharpLink appears in both. crypto.news names SharpLink, Center Laboratories and Lydia Holding [21]. Cointelegraph names SharpLink, Ton Strategy, Solana Company and DeFi Development Corp. [22], and adds Upexi to the companies that could be removed [8].
On cash, the week covered by Strategy's Oct. 12 disclosure went mostly to its preferred stock. It bought 250 BTC for about $21.5 million [10] and spent $192.4 million repurchasing STRC preferred shares [11], roughly nine dollars on the preferred for every dollar on bitcoin [18]. Its 848,250 BTC carried an aggregate acquisition cost of about $64 billion as of Oct. 11 [12].
"It removes a company from the default portfolios of tens of millions of people who never chose to remove it," said Conner Brown, executive director of the Bitcoin Policy Institute, in September, describing the consequences of broad-market index exclusion with Strategy as the example [17].
What to watch
- MSCI's Nov. 11 list: whether Strategy and Metaplanet are named, and which watchlist companies join them.
- Whether MSCI applies the latest interim filing to companies one annual filing short of removal.
- Strategy's next bitcoin purchase and STRC buyback disclosures before Nov. 30, against the $21.5 million and $192.4 million in the latest one.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence66
- Adoption
- Not scored
- Hype gap+25
- Incentives45
- Confidence68
Perspective Coverage
3 publishers- Builder
- Builder 18%
- Operator
- Operator 28%
- Investor
- Investor 54%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
MSCI confirmed on October 15 that companies classified as non-operating businesses will no longer qualify for its Global Investable Market Indexes, following an August consultation.
- [2]
MSCI will release its final list of affected companies on November 11, and the changes take effect after the November 30, 2026 close.
- [3]
An existing index constituent must fail the exclusion screening in each of its two most recent annual filing periods before removal; MSCI may consider the most recent interim financial filing when available.
- [4]
For companies seeking entry into an index, a failure in either of their two most recent annual filing periods can prevent inclusion.
- [5]
An August consultation simulation using May 2026 data identified Strategy and Metaplanet as potential deletions from the MSCI ACWI Investable Market Index.
- [6]
U.K. uranium investment company Yellow Cake was also among the firms flagged for removal in the simulation.
- [7]
MSCI has not confirmed that the simulated deletions will appear in the November review.
- [8]
The new rules could lead to Strategy, Metaplanet and Upexi being removed from MSCI's global indexes.
- [9]
Companies failing an initial operating-assets assessment face a second screen of five financial ratios, and exclusion is triggered when at least four of those tests are flagged.
- [10]
Strategy's October 12 disclosure confirmed it bought 250 BTC for approximately $21.5 million during the previous week.
- [11]
Strategy spent $192.4 million repurchasing its STRC preferred shares during the same period.
- [12]
Strategy's holdings total 848,250 BTC, with an aggregate acquisition cost of approximately $64 billion including fees and related expenses as of October 11.
- [13]
Removal could force funds tracking MSCI indexes to sell the affected companies' shares, potentially putting pressure on stock prices and reducing passive investment demand.
- [14]
In the May 2026 simulation, free-float-adjusted market capitalization was approximately $23.93 billion for Strategy, $654 million for Metaplanet and $1.81 billion for Yellow Cake; these figures describe the earlier simulation, not current valuations.
- [15]
The final methodology includes minor modifications to the August proposal, though the October announcement did not detail each adjustment.
- [16]
In August, Strategy opposed the changes but also played down the potential disruption.
- [17]
"It removes a company from the default portfolios of tens of millions of people who never chose to remove it," said Conner Brown, executive director of the Bitcoin Policy Institute, in September, describing the consequences of broad-market index exclusion with Strategy as the example.
- [18]
Strategy spent roughly nine times as much on STRC preferred repurchases as on bitcoin in the week covered by its Oct. 12 disclosure (about 8.9 to 1).
- [19]
Metaplanet and Yellow Cake together had about $2.46 billion of simulated free-float market value, roughly 10.3% of Strategy's $23.93 billion.
- [20]
Strategy said in August that funds tracking MSCI's Global Investable Market Indexes hold approximately 13 million of its shares, 3.1% of its basic shares outstanding, which it said is less than one day's trading volume.
- [21]
SharpLink (SBET), Taiwan's Center Laboratories and Turkey's Lydia Holding were assigned to a potential watchlist in the simulation.
- [22]
Sharplink (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.
- [23]
JPMorgan analysts previously estimated that Strategy's exclusion from MSCI indexes could trigger roughly $2.8 billion in selling; the estimate concerned MSCI's earlier digital asset proposal, not the rules adopted.
Get this ledger inside ChatGPT. Ask about any of our stories and the answer brings its figure, each claim’s verdict and the sources. Free, no account.
Sources
3 independent publishers whose own reporting we read for this story.
- cointelegraph.comMSCI adopts index exclusion rules that could oust Strategy
1 article · October 15, 2026
- crypto.newsMSCI’s new rules put Strategy, Metaplanet at risk
1 article · October 15, 2026
- cryptobriefing.comMSCI’s new index rules put Strategy at risk of removal starting November 30
1 article · October 15, 2026
Topics and entities
Follow any of these and your For You feed starts watching them — no settings page required.
Topics
- Passive Investing and ETFsFollow
- Index eligibility rulesFollow
- Bitcoin Treasury CompaniesFollow