Global index provider MSCI is designing a new methodology that could remove Strategy and Metaplanet from the Global Investable Market Indexes starting in November 2026. An initial simulation using May 2026 data has identified Strategy, Metaplanet, along with UK-based entity Yellow Cake, as three constituents slated for removal from the list.
This is not MSCI’s first maneuver. Last January, they canceled plans to exclude crypto companies based on a 50% digital asset threshold following investor protests. Now, the new proposal covers a broader area.
Two-Stage Test for Asset Holders
This new methodology filters entities through a two-stage process. First, the rule checks whether a company’s operating assets account for more than half of its total assets. Next, the company must undergo an intensity test featuring five indicators: the proportion of operating assets, expenditures, cash flows, fair value changes, and the degree of dependence on external financing. A company is immediately categorized as non-operational if it triggers at least four out of those five indicators.
For constituents currently already in the index, MSCI uses a slightly more lenient threshold. They will only be removed from the list after failing to pass two consecutive annual evaluations. The consultation on the draft rules is open to the public until September 30. The announcement of the final results is scheduled for October 16, with target implementation for the November 2026 index review. This plan stands separate from the regular August review results, which were published on August 12.
What Is the Impact If Actually Removed
If excluded from the index, all passive funds benchmarking to MSCI will be required to remove both Strategy and Metaplanet shares from their portfolios. This amount could drain market liquidity. For comparison, JPMorgan previously estimated that Strategy suffered selling pressure of up to $2.8 billion in response to their old draft proposal. Apart from those two entities, SharpLink was also dragged into this simulated deletion list, though it still refers to May data, before the latest quarterly report was published.
The financial profiles of these two entities are indeed heavily loaded with digital assets. Strategy held 840,447 BTC as of August 9, and has just sold 1,690 BTC worth $108.6 million to buy back STRC preferred shares. Meanwhile, Metaplanet, which happened to join the MSCI Japan Index in February 2025, now holds reserves of 43,000 BTC.
The index provider emphasized that this consultation might not result in any rule changes at the end of the period. However, for shareholders who usually rely on the inflows of passive investment products, this draft is like an early warning sign that cannot be taken lightly. Reported from crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
