MSCI Adopts Index Rules That May Exclude Strategy and Metaplanet From Benchmarks

MSCI has finalized new index inclusion standards that could remove Bitcoin treasury firms Strategy and Metaplanet from its global equity benchmarks. The rules, first proposed in August, target companies whose activities center on holding investments rather than running traditional operating businesses.

The index provider announced the finalized policy on Thursday. MSCI expects to publish the list of companies affected by the changes on November 11, with implementation scheduled for after markets close on November 30.

The decision could influence demand for the companies’ shares because investment funds that follow MSCI indexes must adjust their holdings when benchmark constituents change. Stocks added to an index typically attract purchases from passive funds, while removals can trigger selling regardless of the company’s underlying business outlook.

Decentralized infrastructure network ZEROBASE said the new framework highlights a growing disagreement between traditional index methodologies and companies that use Bitcoin as a major treasury asset. It warned that passive investment has become an important source of demand for these stocks and that a sustained decline in such buying could make it harder for companies to raise money for additional Bitcoin acquisitions.

Strategy and Metaplanet Could Face Index Exclusion

Strategy is particularly exposed to the changes. The Virginia-based company, headquartered in Tysons Corner, holds 848,250 BTC worth approximately $69.67 billion, according to Bitcoin Treasuries, making it the largest publicly listed corporate Bitcoin holder.

The company has repeatedly raised capital to expand its Bitcoin reserves, including through preferred-share offerings such as STRC and STRK.

JPMorgan analysts estimate that Strategy’s removal from the relevant indexes could prompt approximately $2.8 billion in outflows from its stock. Shares closed at $151.29 on Thursday, around 72% below their record high of $543 reached in November 2024.

Metaplanet, a Tokyo-listed company that also follows a Bitcoin accumulation strategy, faces a similar risk. Its shares closed at 277 yen, approximately $1.75, on Friday, according to TradingView. The stock reached 1,930 yen in June 2025.

Any index-related selling would directly affect the companies’ shares, rather than automatically leading to sales of their Bitcoin holdings. Funds tracking MSCI benchmarks could sell their equity positions without requiring the companies themselves to liquidate BTC.

However, a decline in stock demand could make future capital raises more difficult. Strategy and Metaplanet have both relied on financial markets to fund their Bitcoin purchases, so access to investors remains important to their accumulation plans.

Strategy founder Michael Saylor has argued that his company should not be treated as an investment fund. He describes it as an operating business with a software division and a separate Bitcoin treasury operation. Formerly known as MicroStrategy, the company provides business intelligence software to corporate customers, including Coca-Cola and Porsche.

How MSCI’s New Rules Determine Eligibility

MSCI already excludes investment funds and comparable vehicles from its equity indexes. The new framework extends those restrictions to companies whose operations and financial structures increasingly resemble investment-holding entities.

The review begins by determining whether a company has substantial assets associated with an operating business. Firms that fail this initial assessment face a second screening involving five financial ratios related to expenses, cash flow, changes in asset values and dependence on external funding.

Companies that fail at least four of the five financial tests will be considered ineligible.

MSCI has also introduced safeguards to reduce frequent changes in index membership. An existing constituent will be removed only if it fails the screening in both of its two most recent annual reporting periods. A company seeking to join an index will be excluded if it fails the assessment in either of those periods.

An initial screening based on May 2026 data identified three potential candidates for removal from MSCI’s ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, a U.K.-based uranium investment company.

The provider is also ending temporary measures introduced in October 2025 for companies whose digital asset holdings accounted for at least 50% of their total assets. Those provisions restricted increases in the share counts used to calculate index weightings and delayed additions or transfers between index size categories.

Beginning with the November review, companies previously covered by those measures will instead be assessed under the finalized eligibility criteria.

For Strategy and Metaplanet, the outcome could affect more than their presence in stock benchmarks. If index-related selling reduces demand for their shares, both companies could face greater difficulty raising funds to expand their Bitcoin treasuries.