MSCI finalizes index rules that could push Strategy and Metaplanet out of global benchmarks

MSCI has finalized new index rules that could push Strategy, the largest publicly traded holder of bitcoin, out of some of the most widely tracked stock benchmarks in the world. The MSCI Strategy index decision, announced on Thursday, October 15, 2026, does not name crypto at all. Instead it targets what MSCI calls "non-operating companies," businesses whose main activity is holding assets rather than running a commercial operation. For bitcoin treasury firms, that distinction could matter a great deal.

The new methodology takes effect with MSCI's November index review. According to The Block, MSCI will publish its final list of potentially affected companies on November 11, and Crypto Briefing reports that any exclusions would take effect after the market close on November 30.

What MSCI decided

The rules apply to the MSCI Global Investable Market Indexes, a family of benchmarks that a large amount of passive money follows. Under the framework described by The Block and Crypto Briefing, a company first faces an operating assets test. To pass, more than half of its total assets need to be operating assets, the things a business actually uses to make products or deliver services.

Companies that fail that first test are then checked against five financial ratios. Crypto Briefing reports that a company that also fails four of the five ratios is flagged as non-compliant. Neither outlet published the exact ratio thresholds.

The new screen replaces a set of interim restrictions MSCI had been using. Those temporary rules specifically targeted companies whose digital asset holdings made up at least 50% of total assets. The final version drops that crypto-specific language and replaces it with a broader test about what a company does with its balance sheet.

Buffers built into the rules

MSCI added cushions meant to keep index turnover low. According to The Block, buffers apply both to the ratio thresholds and to the timing of additions and removals.

• Companies not yet in the index cannot be added if they fail the screen in either of their two most recent annual filing periods.
• Current constituents are removed only if they fail the screen in each of the two most recent annual filing periods. MSCI may also use the latest interim filing when one is available.

That second point is important for Strategy and its peers. It means a single bad year on paper does not automatically trigger removal, but a firm whose balance sheet has looked the same for years has little room to argue.

Why the MSCI Strategy index ruling matters

Index inclusion is not just a badge. Passive funds that track MSCI benchmarks hold the stocks in those indexes because the rules require it, not because a manager picked them. When a stock leaves an index, those funds generally have to sell.

Crypto Briefing cites a JPMorgan estimate that about $2.8 billion in Strategy shares held by passive funds could flow out if the company is excluded. That figure has circulated widely since the proposal first surfaced, and it gives a sense of the stakes for a company whose stock price is closely tied to the price of bitcoin.

There is also a signaling issue. Strategy has spent years presenting itself as an operating company with a bitcoin strategy, not a fund. Being formally classed as a non-operating company by a major index provider cuts against that story, and it could shape how other index providers and institutional investors think about the whole digital asset treasury model.

If you are newer to how bitcoin reaches traditional portfolios, our explainer on how bitcoin ETFs work covers the more direct route most funds now use.

Who is affected

A simulation MSCI ran in May 2026, using data at that time, flagged three companies for deletion, according to reporting on the original proposal: Strategy, the Japanese bitcoin treasury firm Metaplanet, and Yellow Cake, a London listed company that holds physical uranium. The inclusion of a uranium holder shows that the rule is written around business models, not around crypto specifically.

The same simulation placed SharpLink, an Ether treasury company, on a watch list. The Block's coverage of the final rules says SharpLink could also be affected.

Reporting on the August consultation put the float adjusted market value of the three deletion candidates at roughly $26 billion, with Strategy making up about $24 billion of that. Those numbers came from May data and will have changed since, but they show that Strategy is by far the biggest name in play.

How Strategy has responded

Strategy has fought the idea for months. According to The Block, Executive Chairman Michael Saylor and CEO Phong Le called the proposal "discriminatory" against digital asset treasuries earlier this year. In a September letter, the company said the change would have no meaningful impact on its business but would profoundly harm MSCI's reputation as a reliable and neutral index provider.

Crypto Briefing reports that shares of the affected companies moved only slightly after the announcement. That muted reaction may reflect that the market had months to price in the risk, and that the final list is still a few weeks away.

What happens next

The key date is November 11. That is when MSCI is expected to publish the final list of companies that fall under the new rules. Until then, nobody outside MSCI knows for certain whether Strategy, Metaplanet or SharpLink will be named, since the earlier simulation used older data and the buffers depend on recent filings.

If a company is on the list, removal would follow after the close on November 30, according to Crypto Briefing. Index funds typically trade around that kind of deadline, which can add volatility to the stock in the days before and after.

There are a few things worth watching between now and then:

1. The November 11 list. This is the moment the decision becomes concrete for individual companies.
2. Strategy's next move. The company could change how it reports assets, push back publicly again, or simply accept the outcome. It has not said which path it will take.
3. Other index providers. MSCI is one of several large benchmark firms. If others adopt similar tests, the pressure on treasury companies would grow.
4. Bitcoin itself. Strategy's share price tends to track bitcoin closely. The market has already been jumpy this month, as we covered in our report on bitcoin dropping toward $80,000 and the liquidations that followed a hot CPI print.

What it means for regular investors

Most people do not own Strategy directly. But many own broad international index funds, and some of those funds track MSCI benchmarks. If Strategy is removed, those funds will sell their shares as part of normal rebalancing. You would not need to do anything, and the effect on a diversified fund would be small given how many companies it holds.

For people who own Strategy or other treasury company stocks on purpose, the picture is different. Passive selling around a deletion can push a price lower in the short term, regardless of what bitcoin is doing. It is worth understanding that risk rather than reacting to headlines on the day.

The bigger lesson is that Wall Street is still working out where crypto fits. Some firms are pulling it closer, as with Morgan Stanley's plans for tokenized equities. Others, like MSCI here, are drawing lines around what counts as an operating business. You can follow more of these shifts on our crypto news page.

Frequently asked questions

Is MSCI removing Strategy from its indexes?

Not yet. MSCI finalized rules that could lead to removal. The list of affected companies is expected on November 11, with any exclusions taking effect after the close on November 30.

Does the new rule mention bitcoin or crypto?

No. The final framework targets non-operating companies in general. It replaced interim restrictions that had specifically targeted firms with digital asset holdings of 50% or more of total assets.

How much money could leave Strategy stock?

Crypto Briefing cites a JPMorgan estimate of about $2.8 billion in outflows from passive funds if Strategy is excluded.

Which other companies could be affected?

An earlier MSCI simulation flagged Metaplanet and the uranium holder Yellow Cake alongside Strategy, and placed the Ether treasury firm SharpLink on a watch list.