MSCI approves rules that could remove Strategy, Metaplanet from stock indices

Rules proposed in August would make companies that exist primarily to hold investments no longer eligible for index inclusion.

MSCI, one of the world's largest stock index providers, has finalized rules it proposed in August that would have removed shares of leading $82,071.33 Bitcoin Bitcoin Bitcoin companies Strategy MSTR and Metaplanet (3350) from its global stock indexes.

Under the rules announced Thursday, companies that are primarily investing rather than running an actual business are ineligible for MSCI's global equity market indices. The final list of affected companies is due on November 11, and the change will take effect at the end of November 30.

This decision is important because it affects the demand for the companies' stock. Many investors gain exposure to the stock market by placing their money in funds that track an index. When a company is added to the index, those funds must buy its shares. Once removed, they should sell whatever the fund managers think of the company.

Decentralized infrastructure network ZEROBASE at X said: “MSCI's share reflects the growing tension between traditional index construction and the emergence of companies that treat bitcoin as a primary treasury asset rather than a secondary asset. "Layback capital has become an important source of demand for these stocks; any sustained reduction in this supply could narrow the equity issuance window that many rely on to finance further acquisitions."

According to Bitcoin, that risk is for Tysons Corner, a Virginia-based strategist, the largest publicly listed bitcoin holder, with 848,250 bitcoins worth about $69.67 billion. Treasuries tend to finance their purchases by selling preferred stocks like STRC and STRK.

Analysts at JP Morgan have estimated that delisting could result in an outflow of about $2.8 billion from MSTR shares. Shares closed at $151.29 on Thursday, down about 72% from a November 2024 record high of $543. Tokyo-based Metaplant, which closed at 277 yen ($1.75) on Friday, reached 1,930 yen in June 2025, according to TradingView.

Any selloff will hit stocks, not Bitcoin. This drains equity funds, which does not necessarily mean that Strategy is selling its bitcoins.

But weaker demand for shares could make it harder for these companies to raise the money they would use to buy more bitcoins, a strategy they've long pursued to raise more coins.

Strategy founder Michael Siler has described the company as an operating business with a software arm and Bitcoin Treasury as a separate business unit. He has rejected comparisons with investment funds. Strategy, originally MicroStrategy, sells business intelligence software to companies including Coca-Cola and Porsche.

MSCI currently excludes mutual funds and similar vehicles. The new rules extend it to companies that look like them.

First, MSCI checks whether a company has significant operating assets, meaning assets related to a real business. If it fails, the company is ineligible with the second test based on five financial ratios including expenses, cash flow, changes in the value of assets, and reliance on external financing for a company that is flagged on four or more of the five items.

MSCI has added buffers to prevent constant falls in the index. A member will only be removed if he/she has been screened out in either of the last two annual registration periods. A company outside the index is blocked from joining it if it fails in any of its last two periods.

In the first test run using May 2026 data, MSCI flagged three companies for possible removal from the ACWI Investable Market Index. They were Strategy, Metaplanet and Yellow Cake, a British uranium investment company.

MSCI is also ending temporary measures in October 2025 for companies with digital assets accounting for 50% or more of total assets. These criteria halted growth in the number of stocks used in the index and delayed additions and size-sector moves for those companies. From the November review, they will be judged under the new rules instead.

Diversified RWA stablecoins maintain a 5-7% return on real credit as crypto capital drops to 4%. GENIUS increases performance off-chain. TAM increases to $4 billion in 3 years.