MSCI adopts index exclusion rules that could oust Strategy
MSCI adopted rules that may exclude companies classified as non-operating from its global investable indexes, potentially affecting crypto treasury firms including Strategy, Metaplanet and Upexi. Strategy is identified for removal, while Sharplink, Ton Strategy, Solana Company and DeFi Development are on a watchlist. Companies are assessed on operating assets and five financial ratios; existing constituents generally must fail the screening in two annual reporting periods. MSCI will publish the final removal list on Nov. 11, with changes effective Nov. 30, 2026. Exclusion could prompt index-tracking funds to sell shares. JPMorgan previously estimated Strategy’s removal could cause about $2.8 billion in selling, based on an earlier proposal.
