Key facts
- MSCI is adopting new rules to exclude non-operating companies from its global indexes.
- Strategy and Metaplanet are among companies facing potential removal.
- A final decision on exclusions will be announced on November 11.
- Strategy's stock declined over 1% in overnight trading.
Index provider MSCI has adopted new rules that could lead to Strategy, Metaplanet, and Upexi being removed from its global indexes. The new methodology, proposed in August, will make "non-operating companies" ineligible for inclusion in the MSCI Global Investable Market Indexes. Companies will be assessed based on their operating assets and five financial ratios, with those failing at least four tests potentially deemed ineligible. MSCI previously identified Strategy among companies that would be deleted under the new methodology. Sharplink, Inc, Ton Strategy Company, Solana Company, and DeFi Development Corp. are among companies that would be placed on a watchlist for potential removal. The final list of companies to be removed will be released on November 11 and will take effect on November 30, 2026. JPMorgan analysts previously estimated that Strategy's exclusion could trigger roughly $2.8 billion in selling, though Strategy has played down the potential disruption.