MSCI makes it official, and bitcoin (BTC) treasury firms Strategy, Metaplanet are on notice
MSCI finalized rules that may exclude companies whose assets are largely investments and which lack substantial operating businesses from its global equity indexes. Bitcoin-heavy Strategy and Metaplanet were flagged in a test using May 2026 data, alongside uranium investor Yellow Cake. The final list is due Nov. 11, with changes effective at the close of Nov. 30. Index-tracking funds would have to sell shares of any company removed, potentially reducing demand and making it harder for firms such as Strategy to raise capital for bitcoin purchases. JPMorgan estimates Strategy could face about $2.8 billion in outflows. The rules require companies to fail operating-asset and financial tests, with safeguards against frequent index turnover. MSCI will also end temporary restrictions for companies holding digital assets equal to at least half their assets.
