Index provider MSCI has adopted new rules that could lead to the removal of Strategy, Metaplanet, and Upexi from its global indexes, while placing several other crypto treasury companies under review for potential exclusion.
MSCI announced Thursday that it will implement a methodology proposed in August to make "non-operating companies" ineligible for inclusion in the MSCI Global Investable Market Indexes. Strategy has been previously identified by MSCI as a company that would be deleted under this framework. Sharplink, Inc., Ton Strategy Company, Solana Company, and DeFi Development Corp. are among those placed on a watchlist for potential removal.
Removal Timeline and Assessment Criteria
Under the new methodology, MSCI will evaluate companies based on their operating assets and five financial ratios. Companies that fail at least four of the five tests could be deemed ineligible. Existing index constituents must generally fail the screening process over two consecutive annual reporting periods before removal takes effect.
MSCI will release the final list of companies to be removed on November 11, with the changes taking effect on November 30, 2026.
Potential Market Impact
Removal from MSCI indexes could force funds tracking those indexes to sell affected company shares, potentially creating pressure on stock prices and reducing passive investment demand.
Strategy previously disclosed that funds tracking MSCI's Global Invertible Market Indexes hold approximately 13 million of its shares, representing 3.1% of its basic shares outstanding. The company characterized those holdings as representing less than one day's trading volume.
