MSCI finalizes rules that could exclude Strategy, Metaplanet, and SharpLink from indexes
MSCI has finalized new index rules that could lead to the removal of Strategy (MSTR), Metaplanet and SharpLink from its indexes. The changes focus on firms whose assets are mainly non‑operating, such as crypto treasuries. MSCI will publish the final list of affected companies on Nov. 11.
Key points
- MSCI’s new methodology uses operating‑asset screens and five financial ratios, replacing the prior rule that flagged digital assets over 50% of total assets.
- Non‑constituents that fail the ineligibility screen in two most recent annual filings will be barred from future inclusion.
- Current constituents may be removed if they fail the screen in both of the last two filing periods.
- Strategy, Metaplanet and Yellow Cake were flagged in a May 2026 simulation; SharpLink, an Ethereum treasury firm, could also be impacted.
- Strategy’s Michael Saylor and CEO Phong Le called the rule “discriminatory” against digital asset treasuries.
- Strategy warned that the proposal would harm MSCI’s reputation while having little effect on its own business.
- The final list of potentially excluded firms is due Nov. 11.
What the MSCI letter says
MSCI posted the following statements on its website to explain the new rules:
“To reduce index turnover, buffers will apply to both the eligibility thresholds of the financial ratios and the timing of index inclusion and removal.”
“Non‑constituents will be ineligible for addition if they fail the ineligibility screen in either of their two most recent annual filing periods.”
Current constituents will be removed if they fail the ineligibility screen in each of the two most recent annual filing periods. The firm may also use the most recent interim filing if available.
What Strategy said
Strategy’s executive chairman Michael Saylor and CEO Phong Le spoke out earlier this year, calling the rule “discriminatory” against digital asset treasuries.
In a September letter, Strategy wrote: “If adopted, the proposal would have no meaningful impact on Strategy’s business, but it would profoundly harm MSCI’s reputation as a reliable and neutral index provider.”
Why this matters
MSCI indexes are widely tracked by investors worldwide. Changes that could remove major bitcoin and cryptocurrency treasury firms from these indexes may affect portfolio composition and market perception of digital assets as mainstream holdings.
What happens next
MSCI will publish the final list of potentially affected companies on Nov. 11, 2026.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.