MSCI finalizes rules that could remove Strategy and Metaplanet from equity indexes
MSCI blocks investment-heavy companies from index inclusion
MSCI, one of the world's largest stock index providers, has finalized rules that could remove shares of bitcoin holding companies Strategy and Metaplanet from its global equity indexes.
The rules, announced Thursday, target companies that primarily hold investments rather than operate active businesses. Strategy and Metaplanet both hold bitcoin as a major part of their treasuries, a model that now falls outside MSCI's eligibility criteria.
Timeline and impact numbers
- The final list of affected companies will be published on November 11.
- The changes take effect after trading closes on November 30.
- JPMorgan analysts estimate Strategy could face about $2.8 billion in stock outflows if excluded.
- Strategy holds 848,250 bitcoin, valued at roughly $69.67 billion.
What the exclusion would actually sell
When a company is removed from an index, the funds that track that index are required to sell its shares. That selling pressure would hit the stock, not the bitcoin holdings. The companies' bitcoin would remain untouched.
Strategy has historically funded its bitcoin purchases by selling preferred shares such as STRC and STRK. Reduced demand for those shares could make it harder to raise capital under the new rules.
Market context
Strategy shares closed at $151.29 on Thursday, down about 72 percent from a record high of $543 in November 2024. Metaplanet shares closed at 277 yen, or about $1.75, on Friday. The stock peaked at 1,930 yen in June 2025.
ZEROBASE, a decentralized infrastructure network, said the MSCI decision shows growing tension between traditional index construction and companies that treat bitcoin as a core treasury asset rather than a side holding.
Why this matters for bitcoin companies
Many investors gain exposure to stocks through funds that track indexes. When a company is added, those funds must buy. When removed, they must sell. That automatic buying and selling creates steady demand that some bitcoin treasury companies rely on to fund further purchases.
What remains unclear
It is not yet certain how many other companies will be affected by the new rules. The final list comes on November 11.
Source
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.