MSCI has formally adopted new index eligibility rules that could remove major Bitcoin treasury companies, including Strategy and Metaplanet, from its Global Investable Market Indexes after the close of trading on November 30, 2026. The index provider confirmed on October 15 that companies classified as non-operating businesses will no longer qualify, with the final list of potentially affected constituents set for publication on November 11.
The decision follows an August consultation that simulated the proposed framework on May 2026 data. In that exercise, Strategy was identified as a potential deletion with a free-float-adjusted market capitalization of roughly $23.93 billion, while Japan-based Metaplanet was flagged at approximately $654 million. U.K. uranium investment company Yellow Cake also appeared among companies that would have been removed. Ethereum treasury company SharpLink, Taiwan's Center Laboratories, and Turkey's Lydia Holding were placed on a potential watchlist.
Under the new methodology, MSCI first examines whether a company holds substantial operating assets. Companies that fail this initial assessment face a second screening involving five financial ratios, with exclusion triggered when at least four of those tests are flagged. Existing index constituents must fail the screening across their two most recent annual filing periods before removal, while companies seeking entry can be excluded based on a failure in either period. MSCI said the thresholds and timing requirements include buffers designed to reduce frequent index membership changes.
The approved framework replaces temporary measures introduced in October 2025 that restricted companies holding digital assets representing at least 50% of total assets. Those companies will now be evaluated under the broader non-operating company methodology, which does not name a specific asset class.
Strategy has publicly opposed the change, describing the proposal as 'misguided' and arguing that its Bitcoin treasury operations qualify as an operating segment under U.S. accounting principles. The company estimated that funds tracking MSCI's Global Investable Market Indexes held about 13 million of its shares, representing 3.1% of basic shares outstanding and less than one average trading day's volume. Strategy said the exclusion 'would not meaningfully affect Strategy,' while continuing to object to the classification method.
The announcement arrives as Michael Saylor-founded Strategy continues accumulating Bitcoin. Its October 12 disclosure confirmed the purchase of 250 BTC for approximately $21.5 million during the previous week, raising total holdings to 848,250 BTC. Metaplanet is also expanding its Bitcoin treasury, reporting 44,000 BTC at the end of September and a policy to retain roughly 85% to 90% of total assets in Bitcoin.
Traders are monitoring the November 11 review closely, as potential exclusions may influence passive fund flows and broader investor sentiment toward Bitcoin-backed corporate treasuries, even though the immediate crypto market reaction remains uncertain. Institutional interest remains strong, with BlackRock recently deploying about $16.34 million into Bitcoin and Ethereum.
