Index provider MSCI has confirmed that Bitcoin treasury company Strategy will be removed from its global equity indexes, following months of debate regarding whether crypto treasury firms qualify as operating businesses.
Index Review Details
MSCI’s final list of affected securities, released as part of its November index review, lists “STRATEGY A” with the action “Deleted.” Japan’s Metaplanet and crypto treasury company Upexi are also marked for deletion, while Ether treasury firm Sharplink has been placed on a watchlist.
The adjustments are scheduled to take effect after the market close on November 30, following the implementation timetable that MSCI announced in October.
Market Impact and Company Response
The removal may prompt investment funds tracking the affected benchmarks to sell the companies' shares, which would reduce a source of passive investment demand. In October, JPMorgan estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling.
Strategy opposed the proposal during consultations, arguing that it repackaged MSCI’s earlier effort to exclude digital asset treasury companies and introduced policy judgments into index construction. Despite this, the company downplayed potential disruption, stating in its consultation response that MSCI-linked funds held approximately 13 million shares—representing 3.1% of its basic shares outstanding and less than one day of trading volume.
