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MSCI has closed its consultation on “non-operating companies” and will proceed with deleting Strategy, Metaplanet and other crypto treasury firms from its Global Investable Market Indexes, Ambcrypto reported. The final list of affected companies lands on Nov. 11, 2026, with the new rules applied after the close on Nov. 30.
Michael Saylor, founder of Strategy, downplayed the decision, saying it was “not that important to us” and arguing MSCI was imposing prejudicial values on digital assets. “Digital assets are smarter, faster, and stronger,” he said, adding that investors and the nation would disagree with the index provider.
Also read: Saylor's 'More Orange' Post Signals Another Strategy Bitcoin Buy
Key facts
- MSCI adopted its non-operating company exclusion rule on Oct. 15, 2026, effective after the close on Nov. 30, with the final affected-constituent list published Nov. 11 (News.bitcoin).
- Strategy is simulated for deletion from the MSCI ACWI Investable Market Index alongside Metaplanet and uranium holder Yellow Cake, based on May 2026 data (News.bitcoin).
- JPMorgan analysts estimated the removal could trigger about $2.8 billion in outflows from Strategy stock; Ambcrypto reported the figure could rise to $8 billion to $11 billion if FTSE Russell and S&P Dow Jones follow.
- News.bitcoin reported Strategy held 848,250 BTC as of Oct. 11, bought for $64 billion at an average of $75,444 per coin, after adding 250 BTC that week and retiring nearly 2 million STRC shares.
- MSCI is discontinuing the interim measures announced on October 10, 2025 for companies whose digital asset holdings were 50 percent or more of total assets, replacing them with the new screen.
How the screen works
Under the methodology first laid out in MSCI’s August proposal, a company first fails a core test if operating assets make up less than half its balance sheet. It then moves to five financial ratios covering operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. Failing four of the five makes a company ineligible, according to News.bitcoin.
The rule does not mention bitcoin. MSCI also said existing index members generally have to fail the screen in two consecutive annual assessments before removal, a buffer that softens the near-term effect. Sharplink was placed on a watchlist rather than the deletion list. Ambcrypto noted that DeFi Dev Corp, Ton Strategy, Canton Strategic Holdings, Capital B, Sui Group Holdings, Upexi and Solana Company are also on the watchlist and could be next.
Also read: Saylor Says Bitcoin Bottomed Below $60K, Targets $100K
Reactions split
ND Cowen backed Strategy and Strive during the consultation, arguing that digital credit operations using Bitcoin holdings as collateral make them operating firms. Analyst Simon Dixon disagreed with Saylor’s framing, saying the move removes a large amount of passive buying pressure and that Bitcoin wrapped in financial products is subordinate to banks.
News.bitcoin reported that MSTR fell as much as 4.3 percent after hours, having closed the regular session at $151.29, up from $143.24 a day earlier. Coinpedia, meanwhile, put the decline at 4 percent. Metaplanet traded at $1.76 (¥278) on Friday, up about 4.9 percent from its earlier $1.86 (¥265) close. Bitcoin slipped about 0.5 percent on the news and was near $82,000 early Friday, while Coinpedia noted it had briefly fallen below $80,000 during the week.
Why it matters
Crypto treasury companies hold more than $100 billion in assets across Bitcoin, Ethereum, HYPE, SOL and others, according to Ambcrypto, and passive funds tracking MSCI benchmarks would have to rebalance if the deletions proceed. For Strategy, forced selling toward the end of November could complicate the financing model behind its Bitcoin acquisitions and digital credit plans.
What to watch
MSCI publishes the final list of affected constituents on Nov. 11, 2026, and the rules take effect at the close on Nov. 30. Companies that fail a second consecutive annual assessment face removal under the buffer.
This article is for informational purposes only and is not financial advice. Crypto asset markets are volatile and uncertain, and readers should do their own research before making any investment decision.
Reported by ambcrypto.com.
Sources: AMBCrypto, News.bitcoin, Coinpedia