MSCI will remove Strategy from the MSCI USA Index and Metaplanet from the MSCI Japan Small Cap Index after the November 30 market close. Four additional companies are marked for deletion unde
MSCI has confirmed that Strategy (NASDAQ: MSTR) and Japan’s Metaplanet (3350) will be removed from its equity indexes following its November 2026 review. The changes will take effect at the market close on November 30, putting both Bitcoin treasury companies outside their respective benchmarks from December 1.
Strategy will leave the MSCI USA Index, while Metaplanet will be removed from the MSCI Japan Small Cap Index. The decision follows MSCI’s adoption of new eligibility rules for companies classified as non-operating businesses, which include firms whose assets are largely held as investments rather than used in traditional business operations.
— TheNewsCrypto (@The_NewsCrypto) November 12, 2026
NEW: MSCI confirms it will remove Strategy ($MSTR) from its MSCI USA Index and Metaplanet (3350) from its MSCI Japan Small Cap Index following its November review. Four other companies are also facing deletion under the new non-operating companies methodology. The removal will take effect at the market close on November 30. #MSCI #Strategy #Bitcoin #Metaplanet
The final review also identifies four other companies for deletion under the screening process: UK-based Yellow Cake, Iceland’s Skel Fjárfestingafélag, UK-listed Agronomics and US-based Upexi. MSCI has separately placed 19 companies on a watchlist, meaning they have not been confirmed for removal under this screening.
(Source: MSCI)
MSCI’s methodology examines a company’s operating assets and five financial measures, including operating expenses, cash flow, changes in the value of non-operating assets and dependence on external financing.
Companies with operating assets accounting for more than 50% of their total assets can pass the initial test. Those below that threshold face further financial screening. Existing index members can be removed if they fail the required tests across their two most recent annual reporting periods.
The decision has drawn attention because Strategy and Metaplanet have built large Bitcoin reserves as a central part of their corporate strategies. Strategy previously challenged MSCI’s proposed rules, arguing that treating digital asset treasury companies as non-operating businesses was discriminatory.
The removals could also affect demand for their shares. Funds that track the affected MSCI indexes generally adjust their holdings when companies leave the benchmarks, potentially creating selling pressure around the November 30 implementation date.
Strategy had previously warned that its exclusion could lead to approximately $2.8 billion in share sales by index-tracking funds. This remains an estimate rather than confirmed outflows. JPMorgan also estimated that potential selling could reach $8.8 billion if other index providers follow MSCI’s approach.
The decision does not require either company to sell its Bitcoin holdings. It changes their eligibility for the affected stock indexes, not their ownership of digital assets.
