MSCI has finalized new index eligibility criteria that could result in Bitcoin treasury companies Strategy and Metaplanet being removed from its global equity benchmarks. The decision follows a proposal the major index provider introduced in August.
Under the rules announced Thursday, businesses whose primary purpose is holding investments rather than conducting operating activities will be excluded from MSCI’s Global Investable Market Indexes. The company plans to release the final list of affected firms on November 11, with the changes taking effect at the market close on November 30.
The decision could influence investor demand for the companies’ shares because numerous investment funds track MSCI benchmarks. When a stock is included in an index, these funds generally purchase shares to match the benchmark. When a company loses its place, index-tracking funds typically sell their positions regardless of their assessment of the company’s underlying business.
Decentralized infrastructure network ZEROBASE said the decision illustrates the growing conflict between traditional index methodologies and companies that use Bitcoin as a primary treasury asset. It warned that passive investment flows have become an important source of demand for these stocks. A sustained reduction in that demand could make it more difficult for affected companies to raise capital through share offerings and finance additional Bitcoin purchases.
Strategy and Metaplanet Face Potential Index Exclusion
Strategy, based in Tysons Corner, Virginia, is among the companies most exposed to the new requirements. Data from Bitcoin Treasuries shows that it owns 848,250 BTC, valued at approximately $69.67 billion, making it the largest publicly traded corporate holder of Bitcoin.
The company has regularly tapped capital markets to expand its cryptocurrency reserves, including by issuing preferred shares such as STRC and STRK.
JPMorgan analysts estimate that Strategy’s removal from the relevant indexes could lead to approximately $2.8 billion in outflows from its stock. Strategy shares closed at $151.29 on Thursday, about 72% below their November 2024 record of $543.
Metaplanet, a Tokyo-listed company that has also built a substantial Bitcoin treasury, could face similar pressure. According to TradingView, its shares closed at 277 yen, equivalent to approximately $1.75, on Friday. The stock reached a peak of 1,930 yen in June 2025.
Any forced selling resulting from index changes would involve the companies’ shares rather than their Bitcoin reserves. Funds tracking the affected indexes could sell their equity holdings without requiring Strategy or Metaplanet to liquidate BTC.
However, weaker demand for their stocks could make it harder for the companies to secure financing for future acquisitions. Both businesses have relied on capital-market transactions to support their strategies of increasing Bitcoin holdings, making continued access to investors important to their plans.
Strategy founder Michael Saylor has argued that the company should not be treated as an investment fund. He describes Strategy as an operating business with a software division and a separate Bitcoin treasury operation. Previously known as MicroStrategy, the company provides business intelligence software to corporate clients, including Coca-Cola and Porsche.
MSCI’s New Test for Index Eligibility
MSCI already excludes investment funds and comparable vehicles from its stock indexes. The updated framework extends the same principle to companies whose financial structures resemble those of investment-holding entities.
The screening process begins by assessing whether a company holds substantial assets associated with operating a business. Firms that fail this initial assessment must undergo a second review based on five financial ratios covering expenses, cash flow, changes in asset values and reliance on external financing.
A company becomes ineligible if it fails at least four of the five financial tests.
To prevent excessive turnover among index constituents, MSCI has added safeguards to the process. An existing constituent will be removed only if it fails the screening requirements in both of its two most recent annual reporting periods. A company seeking admission will be rejected if it fails the criteria in either of those periods.
An initial assessment using May 2026 data identified three companies that could be removed from MSCI’s ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, a U.K.-based uranium investment company.
MSCI is also discontinuing temporary measures introduced in October 2025 for companies whose digital asset holdings accounted for at least 50% of their total assets. Those measures restricted increases in the share counts used for index calculations and delayed additions or movements between index size categories for the affected companies.
Beginning with the November review, these firms will be evaluated under the newly finalized criteria instead.
For Strategy and Metaplanet, the outcome could have implications beyond their standing in equity benchmarks. If index-related selling weakens their share prices or reduces investor demand, raising new capital to expand their Bitcoin holdings could become more challenging.
