Strategy, Metaplanet Face Exit From MSCI Indexes as the Index Provider Adopts New Test

Introduction

MSCI announced a major shift in its index methodology that will affect digital‑asset treasury companies. Starting with the November 2026 Index Review, the provider will retire its interim rules for crypto‑treasury firms and apply a new "operating‑asset" test followed by a five‑ratio screen. Companies that fail the test risk removal from MSCI’s Global Investable Market Indexes, with Strategy, Metaplanet and a handful of peers already flagged as possible deletions.

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1. How the new screen works

• Core operating‑asset test – MSCI first checks whether a company holds substantial operating assets. Firms whose balance sheets are dominated by digital‑asset holdings are deemed non‑operating.
• Five‑ratio assessment – If the core test is failed, MSCI evaluates five industry‑agnostic financial ratios (e.g., leverage, liquidity, profitability). A company flagged on at least four ratios is deemed ineligible for index inclusion.
• Different thresholds for incumbents vs. newcomers – Existing index constituents must fail the screen in both of their two most recent annual filing periods before removal. Companies not yet in the index are excluded after a single failure.

This approach mirrors MSCI’s treatment of funds, business‑development companies and other passive vehicles, extending the same rigor to crypto‑treasury issuers.

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2. Companies on the chopping block

During an August consultation, MSCI applied the proposed methodology to its ACWI IMI index using May‑2026 data. The exercise identified three firms—Strategy, Yellow Cake and Metaplanet—as potential deletions. A later update, based on September‑30, 2026 data, added Icelandic firm Skel Fjarfestingafelag, Upexi and several watch‑list names such as SharpLink and SUI Group Holdings.

For Strategy and Metaplanet, the risk is heightened because they already appear on MSCI’s list of securities that could be removed at the November review. The final list of affected companies is slated for release on November 11, 2026.

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3. What the change means for investors

• Index composition – Removing non‑operating crypto‑treasury firms will tighten the link between MSCI indexes and traditional operating businesses, potentially reducing exposure to pure‑play digital‑asset holdings.
• Fund tracking – ETFs and index funds that replicate MSCI benchmarks may need to rebalance, selling shares of any companies that are dropped and adjusting weightings accordingly.
• Market perception – An MSCI exclusion can signal to the broader market that a firm’s business model is considered peripheral to core economic activity, which may affect credit ratings and financing costs.

Investors holding MSCI‑tracked products should monitor the November 11 announcement and be prepared for possible reallocation.

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4. Looking ahead

MSCI’s decision reflects growing scrutiny of crypto‑related balance sheets and a desire to align its indexes with conventional operating standards. While the new screen offers existing constituents a grace period, firms that cannot demonstrate substantial operating assets will likely see their index eligibility—and associated capital flows—diminish.

Stakeholders should stay tuned for the final list, assess the impact on portfolio exposure, and consider whether alternative indexing strategies might better capture the evolving crypto‑treasury landscape.

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Conclusion

The November 2026 MSCI review marks a decisive move to exclude non‑operating digital‑asset treasury companies from its flagship indexes. Strategy, Metaplanet and several peers face a realistic threat of deletion, a development that could reshape index‑based investment in the crypto‑treasury space. Investors should watch the upcoming November 11 disclosure and be ready to adjust their holdings accordingly.