MSCI has introduced new index eligibility rules that could result in Strategy (MSTR), Metaplanet and Upexi being removed from its global stock indexes. Several other cryptocurrency treasury companies may also face exclusion under the updated methodology.
The index provider confirmed on Thursday that it would implement changes initially proposed in August. The new framework prevents companies classified as “non-operating” from qualifying for inclusion in the MSCI Global Investable Market Indexes.
Strategy and Other Crypto Treasury Firms Face Exclusion Risks
Strategy was previously identified by MSCI as one of the companies potentially facing removal under the revised methodology. Metaplanet and Upexi were also flagged for possible deletion.
Meanwhile, several other digital asset treasury companies could face additional scrutiny. These include Sharplink (SBET), Ton Strategy Company (TONX), Solana Company (HSDT) and DeFi Development Corp. (DFDV), which were identified as potential candidates for a watchlist.
Exclusion from major MSCI indexes could have significant consequences for affected stocks. Investment funds that track these benchmarks may need to sell their holdings, potentially increasing selling pressure and reducing demand from passive investors.
Conner Brown, executive director of the Bitcoin Policy Institute, previously warned that removing a company from widely followed indexes could eliminate its exposure to millions of investors who hold diversified portfolios without making individual stock selections.
How MSCI’s New Index Eligibility Rules Work
Under the updated framework, MSCI will evaluate companies using their operating assets and five financial ratios.
Companies that fail at least four of these five financial tests could be classified as ineligible for inclusion.
However, businesses already included in MSCI indexes must generally fail the screening requirements across two annual reporting periods before being removed.
MSCI plans to publish its final list of affected companies on November 11, 2026. Any resulting changes are scheduled to become effective on November 30.
Could Strategy Face Billions in Selling Pressure?
The potential financial impact has already attracted attention from Wall Street analysts.
JPMorgan previously estimated that excluding Strategy from MSCI indexes could generate approximately $2.8 billion in selling activity.
However, that projection was based on MSCI’s earlier proposal concerning digital asset treasury companies, rather than the methodology ultimately adopted. Therefore, the estimate should not be interpreted as a confirmed consequence of the new rules.
Strategy, one of the largest corporate Bitcoin holders, previously opposed the proposed changes while arguing that their potential market impact was manageable.
In August, the company estimated that funds tracking MSCI’s Global Investable Market Indexes collectively owned approximately 13 million Strategy shares.
Those holdings represented around 3.1% of its basic shares outstanding. Strategy also emphasized that the total amounted to less than a single day of its normal trading volume.
Despite these reassurances, the upcoming MSCI announcement could become an important development for Strategy and other cryptocurrency treasury companies, particularly as investors assess the potential impact on institutional ownership and passive investment flows.
