MSCI has finalized the rules, and it is possible that on November 30th, after the market closes, Strategy, Metaplanet, and other heavily invested companies will be removed from their global stock indices.
The list of affected companies will be announced on November 11th.
Analysts estimate that the removal of Strategy could lead to a outflow of about $2.8 billion in stock funds. However, it is the company's stocks that index funds are forced to sell, not the Bitcoin they hold.
According to the rules announced on Thursday, companies that primarily hold investments rather than operating actual businesses will be considered not eligible to be included in the MSCI Global Investable Markets Index. The final list of affected companies is scheduled to be announced on November 11th, and the relevant changes will take effect at the close of trading on November 30th.
Decentralized infrastructure network ZEROBASE states on X: "The MSCI event highlights the growing tension between traditional index compilation and those companies that regard Bitcoin as their core treasury asset, rather than a secondary holding. Passive funds have become an important source of demand for these stocks; if this buying momentum continues to decline, it may tighten the equity financing windows relied upon by some companies in order to fund further purchases."
The company with the highest risk is Strategy, which is headquartered in Tyson's Corner, Virginia. According to Bitcoin Treasuries data, this company is the largest listed Bitcoin holder in the world, holding 848,250 BTC, valued at approximately $69.67 billion. It typically funds its purchases through methods such as STRC and STRK.
Strategy The founder, Michael Saylor, has always described the company as an operational enterprise with software business, while its Bitcoin treasury is considered a separate business unit. He refuses to compare the company with investment funds. Strategy Originally named MicroStrategy, the company sells business intelligence software to companies such as Coca-Cola and Porsche.
MSCI How to decide who will be eliminated
MSCI Currently, investment funds and similar tools have been excluded. The new rules extend this scope to companies that appear to be similar to such tools.
Firstly, MSCI will check whether a company possesses a large amount of operating assets, that is, assets related to its actual business operations. If it does not pass this check, the second step will involve an assessment based on five financial ratios, which cover expenses, cash flow, changes in asset value, and the degree of dependence on external financing. If four or more of these five ratios indicate issues, the company will not meet the qualification criteria.
To avoid frequent fluctuations in the index, MSCI has also incorporated a buffer mechanism. A component stock of the index will only be removed if it fails to pass the screening during both of the most recent annual reporting periods. Similarly, if a company is not currently part of the index, it will only be prevented from joining if it fails to pass the screening during either of the most recent annual reporting periods.
In the first test using data from May 2026, the MSCI marker identified three companies that may be removed from their ACWI investable market index, namely Strategy, Metaplanet, and Yellow Cake. The latter is a British uranium investment company.
MSCI will also end the temporary measures announced in October 2025. Previously, if a company's digital assets accounted for 50% or more of its total assets, MSCI would freeze the increase in the number of shares used in the index and postpone the inclusion of these companies and the adjustment of their scale tiers. Starting from the review in November, they will be evaluated according to the new rules.
