MSCI Index Review: Will Strategy (MSTR) and Metaplanet (3350.T) Be Dropped Today?

MSCI Inc., the global index provider originally known as Morgan Stanley Capital International, will reveal today whether Strategy Inc. (Nasdaq: MSTR) and Metaplanet Inc. (Tokyo Stock Exchange: 3350) stay in its global equity benchmarks. Strategy is the largest corporate holder of Bitcoin (BTC), and Metaplanet is a Tokyo-listed company that has built one of the largest corporate Bitcoin treasuries outside the United States. 

This is the first index review held under MSCI’s new eligibility rules for “non-operating companies,” a term MSCI uses for firms that mainly accumulate and hold assets rather than run an operating business. Many posts on X already describe the two companies’ removal as a done deal, but the final list has not yet been published.

When MSCI Will Publish the Results

MSCI has said it will post the list of additions and deletions for its November 2026 Index Review shortly after 11:00 p.m. Central European Time (CET) on November 11, 2026. That is 10:00 p.m. Coordinated Universal Time (UTC), 5:00 p.m. Eastern Time (ET), and 3:30 a.m. Indian Standard Time (IST) on November 12. According to the same notice, a summary will also appear on Bloomberg page MSCN and Reuters page MSCIA.

Any changes will be implemented at the close of trading on November 30. MSCI’s review calendar lists December 1, 2026 as the effective date.

What Traders Are Saying on X

Discussion on X has focused on the scale of possible passive selling and on Strategy’s own disclosures. Market commentary account Bull Theory (@BullTheoryio) posted that Strategy could face $2.8 billion in forced selling if removed, citing JPMorgan. The account also pointed to Strategy’s own filing, in which the company says it expects to be excluded, and noted that any removal would take effect at the November 30 close.

Robin Seyr (@RobinSeyr) also highlighted Strategy’s quarterly disclosure and the timing of MSCI’s release. Across the platform, the debate has moved from whether Strategy will be cut to how its shares may trade between the announcement and the implementation date.

Strategy and Metaplanet Already Marked “Deleted”

On October 15, MSCI announced it would adopt its non-operating company methodology with minor modifications. Under the rules, such companies are ineligible for the MSCI Global Investable Market Indexes (GIMI), the benchmark family behind widely tracked indexes such as the MSCI World and MSCI USA.

Alongside that decision, MSCI published a preliminary list of potentially impacted securities, based on financial data as of September 30 and market values as of October 9. It marks five current constituents as “Deleted”:

• Strategy
• Metaplanet
• Yellow Cake, a London-listed uranium holder
• Skel Fjárfestingafélag, an Icelandic investment company
• Upexi, a U.S.-listed company

Several other digital asset treasury companies, including SharpLink, TON Strategy and Solana Company, appear on a watchlist rather than the deletion list.

The screen works in two steps. MSCI first checks whether operating assets make up at least half of a company’s total assets. A company that falls short is then tested against five financial ratios: operating asset intensity, expense intensity, operating cash flow, non-operating fair value changes, and capital dependence. A company flagged on four or more is ineligible. To limit turnover, an existing constituent is removed only if it fails the screen in each of its two most recent annual filing periods. A company that fails in only one period is placed on a watchlist instead.

The methodology does not name any asset class, which is why a uranium holder sits alongside Bitcoin treasury firms on the list. The rules began as a proposal MSCI published in August.

What Strategy Has Disclosed

Strategy filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the U.S. Securities and Exchange Commission (SEC). In it, the company said it expects its Class A common stock to be excluded from the MSCI Global Investable Market Indexes as part of the November review. The filing also warned that MSCI’s criteria could lead other index providers to adopt similar rules.

In an August 31 letter to MSCI signed by Executive Chairman Michael Saylor and Chief Executive Officer Phong Le, Strategy said funds tracking the GIMI held approximately 13 million MSTR shares, or 3.1% of its basic shares outstanding. The company called the proposal “discriminatory, arbitrary, and misguided” and asked MSCI to withdraw it. It also said removal would have no meaningful impact on its business.

Strategy kept buying Bitcoin ahead of the decision. A Form 8-K filed on November 9 shows it acquired 1,036 BTC for about $81.9 million between November 2 and November 8. That brought its holdings to 850,364 BTC, bought for a total of $64.16 billion at an average of $75,456 per coin.

What an Exclusion Would Mean

Index funds that replicate MSCI benchmarks hold the same securities as the index. If the deletion is confirmed, they would have to sell their positions by the implementation date.

JPMorgan analysts led by Nikolaos Panigirtzoglou estimated in November 2025 that an MSCI exclusion could lead to about $2.8 billion in outflows from Strategy, plus $8.8 billion more if other index providers followed. That is the figure now circulating on X. However, it was calculated under MSCI’s earlier proposal, which targeted companies whose digital asset holdings made up 50% or more of total assets, not the screen now in force. MSCI has not published its own outflow estimate.

An index deletion is not a delisting. MSTR would keep trading on Nasdaq and Metaplanet on the Tokyo Stock Exchange, and the rules do not require either company to sell its Bitcoin.

How the Dispute Reached This Point

MSCI first proposed excluding digital asset treasury companies in October 2025. On January 6, 2026, it decided not to implement that proposal for its February 2026 review and committed instead to a broader consultation on non-operating companies. Strategy described these events in its Form 10-Q for the quarter ended June 30, 2026.

During the first consultation, asset manager Bitwise publicly backed Strategy’s inclusion, arguing that indexes should reflect the market rather than judge business models. In September, the Bitcoin Policy Institute examined the revised proposal and questioned how it was developed.

MSCI has not confirmed whether the preliminary deletions will appear on its final list. The Crypto Times will update this story once the results are released.

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