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MSCI to Remove Strategy and Metaplanet From Its Indexes

MSCI to Remove Strategy and Metaplanet From Its Indexes

MSCI will remove Strategy and Metaplanet, two publicly traded companies known for their Bitcoin holdings, from its indexes. The changes take effect at the close of trading on November 30, 2026, when Strategy will leave the MSCI USA Index and Metaplanet will leave the MSCI Japan Small Cap Index. Strategy shares fell 2.5% in after-hours trading following the announcement.Strategy will also lose its place in the MSCI World Index, which tracks stocks across developed markets. Both Strategy and Japan’s Metaplanet fall under MSCI’s new rules for companies that share characteristics with investment funds.Strategy Estimated $2.8 Billion in Potential Share SalesFunds that replicate MSCI indexes will see the most direct impact. To track an index’s performance, these funds hold its constituent stocks in proportion to their index weights. Once MSTR’s weight drops to zero at the end of the month, funds that hold the shares to replicate the index are expected to sell their positions.Last year, Strategy estimated that removal from MSCI’s indexes could trigger roughly $2.8 billion in MSTR share sales. The company made that estimate before MSCI announced its decision. How many shares funds will sell and at what prices remains unclear.JPMorgan’s broader estimate depends on what other index providers decide. The bank estimated that total outflows from Strategy stock could reach $8.8 billion if other providers also remove the company from their indexes. Both estimates refer to sales of Strategy shares held by funds. The Bitcoin on Strategy’s balance sheet is a separate holding.How MSCI Assessed StrategyThe debate began last year when MSCI proposed excluding companies whose digital assets accounted for at least 50% of their total assets. MSCI later expanded its review to cover other sectors. The rules it finalized on October 15 consider the relationship between a company’s business operations and the assets it holds for investment.MSCI first assesses whether a company has substantial operating assets. For companies that fail this initial test, it then examines five financial ratios that apply across industries. To remove an existing index member, MSCI requires the company to meet the exclusion criteria on at least four of the five ratios in each of its two most recent annual reporting periods.The November list also includes Yellow Cake, a UK-based company that buys and holds uranium. MSCI applied the same criteria to the two Bitcoin treasury companies and to a company that holds a physical commodity.Strategy’s Bitcoin Holdings Top 850,000 BTCTwo days before MSCI announced its decision, Strategy disclosed that it had bought 1,036 BTC for approximately $81.9 million during the week of November 2–8. The company paid an average of $79,012 per bitcoin. The purchase brought its holdings to 850,364 BTC as of November 8, more than 4% of Bitcoin’s maximum supply of 21 million coins.

Nov 12, 2026
Will MSCI Drop Two Bitcoin Companies From Its Indexes? Decision Due Tonight

Will MSCI Drop Two Bitcoin Companies From Its Indexes? Decision Due Tonight

Strategy and Metaplanet, both known for their Bitcoin holdings, will find out tonight whether they will keep their places in MSCI’s indexes. MSCI plans to announce which companies it will add or remove shortly after 11 p.m. Central European Time on Wednesday, November 11. In Turkey, the list is due out shortly after 1 a.m. on Thursday, November 12.On October 15, MSCI adopted new rules for assessing companies that share characteristics with investment funds. Tonight’s list will show which stocks will lose their places when MSCI applies those rules for the first time. U.S.-based Strategy and Japan’s Metaplanet both appear on MSCI’s preliminary list of potential removals.Strategy could face $2.8 billion in stock outflowsStrategy is a constituent of both the MSCI USA Index and the MSCI World Index. Funds that replicate these indexes hold Strategy shares to match their benchmarks’ returns. If MSCI removes the company, those funds will need to adjust their holdings to reflect the change.JPMorgan analysts estimate that removing Strategy from MSCI’s indexes could trigger about $2.8 billion in outflows from the stock. That figure represents the estimated value of Strategy shares that funds could sell if the company loses its place.As of November 11, Strategy holds 850,364 BTC. Removal would not require the company to sell any of its Bitcoin. The immediate impact would fall on demand for Strategy shares. Since the company finances some of its Bitcoin purchases by issuing new shares, that demand also matters for future purchases.What does MSCI look for on a company’s balance sheet?The debate began in October 2025, when MSCI started reviewing companies whose digital assets accounted for at least 50% of their total assets. In January, MSCI deferred a proposal to exclude those companies as a group. It then broadened the review and developed criteria that apply across industries to companies with financial profiles similar to those of investment funds.Under the new rules, MSCI first examines the assets a company uses to produce goods or provide services. If the company fails that initial screen, MSCI reviews five financial ratios covering factors such as operating expenses, cash flow and reliance on external financing. A company fails the eligibility test for the reporting period if at least four of the five ratios fall outside MSCI’s thresholds.For companies already in an index, a single year’s results are insufficient to trigger removal. MSCI requires an existing constituent to fail the test in both of its two most recent annual reporting periods before it can be removed. MSCI may also consider the latest interim financial report if one is available.Changes take effect at the close on November 30Like Strategy, Japan-listed Metaplanet has made Bitcoin central to its treasury strategy. When MSCI tested the new rules using May data, the results indicated that both companies would have been removed from its global equity index, the MSCI ACWI IMI. The same test also flagged Yellow Cake, a UK-listed uranium investment company, for potential removal.Under MSCI’s schedule, the November changes will take effect at the close of trading on November 30. Investors will learn tonight which stocks MSCI will remove, and the indexes will reflect their new composition starting December 1.

Nov 11, 2026
OKX and ICE Set Launch Date for Tokenized Stock Platform Despite 57 Objections

OKX and ICE Set Launch Date for Tokenized Stock Platform Despite 57 Objections

Crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), plan to launch their U.S. tokenized securities platform, OKXICE, on November 23. In announcing the date on Wednesday, November 11, the companies confirmed that tokenized shares of Coinbase, Circle and Robinhood will trade on the platform.The OKXICE lineup includes 59 ETFsOKX and ICE said they have confirmed 70 assets for trading so far. In addition to shares of companies such as Coinbase, Circle and Robinhood, the lineup includes 59 exchange-traded funds (ETFs). U.S. investors will be able to trade tokenized shares of both individual companies and funds on the same platform.To access the platform, U.S. customers must have a CeDeFi Wallet and complete the onboarding process. Andrew Cuomo, co-chair of OKXICE and former governor of New York, said the U.S. has an opportunity to bring its capital markets onchain while providing the standards and safeguards investors expect.OKXICE will operate under the five-year “innovation exemption” that the U.S. Securities and Exchange Commission (SEC) announced in September. The exemption allows qualifying platforms to facilitate trading in tokenized assets without registering as traditional securities exchanges. Issuers can object to tokenized versions of their shares trading on a particular venue.Issuers had objected to 57 of the 63 tickers on the original listThe initial list OKXICE published in October included 63 stock tickers representing 62 companies. According to a November 5 filing, 56 of those companies had objected to their shares trading on the platform. Google parent Alphabet’s objection covered two share classes, bringing the number of affected tickers to 57.Another 11 companies outside the original list had also opted out, bringing the total number of companies that had filed objections to 67 as of November 5. Tesla, Netflix, Meta, Home Depot and Costco were among the companies that opposed trading in tokenized versions of their shares on OKXICE.Fiber-optic equipment maker Applied Optoelectronics was among the companies that explained its decision. A spokesperson told The Wall Street Journal that the company was unsure how tokenized trading might affect its share price, liquidity and volatility. It also worried that investors might assume Applied Optoelectronics itself was offering the token.Nasdaq raises shareholder rights concerns over SEC exemptionNasdaq, which is working with crypto exchange Kraken on tokenization, also plans to opt its own shares out of trading on venues operating under the exemption. In a November 10 opinion piece for Barron’s, Nasdaq Chief Legal and Regulatory Officer John Zecca wrote that bringing shares onchain could benefit issuers. He argued that any framework should protect shareholder rights and give companies a say in how their shares are tokenized.Zecca also pointed to the common rules for market data, reporting and transparency that govern U.S. stock trading under the National Market System. He warned that the SEC exemption allows tokenized shares to trade outside that system, potentially fragmenting trading in the same stock across different markets.

Nov 11, 2026
Deutsche Bank Launches Crypto Custody for Bitcoin and 4 Altcoins

Deutsche Bank Launches Crypto Custody for Bitcoin and 4 Altcoins

Deutsche Bank launched its crypto custody service for institutional clients in Europe on Wednesday, November 11. Companies and investment firms can now hold Bitcoin (BTC), Ether (ETH) and three stablecoins with the bank and transfer them to third parties. Deutsche Bank manages the digital wallets and the private keys used to authorize transfers on its clients’ behalf.Germany’s largest bank first announced the service on September 16, saying it aimed to bring its first clients on board by year-end once the regulatory process was complete. Deutsche Bank told Reuters on Wednesday that its first paying clients had begun using the service.Deutsche Bank supports dollar- and euro-pegged stablecoinsAlongside Bitcoin and Ether, Deutsche Bank supports USDC, which is pegged to the US dollar, and two euro-pegged stablecoins, EURC and EURAU. A company can use the same custody service to manage both its Bitcoin reserves and the dollar- or euro-denominated tokens it uses for payments.EURAU already has ties to Deutsche Bank. The bank’s asset management subsidiary, DWS, founded AllUnity, the issuer of EURAU, with Flow Traders and Galaxy. AllUnity launched its fully reserve-backed euro stablecoin in July 2025 after securing an electronic money institution license from Germany’s financial regulator, BaFin.Deutsche Bank manages private keys for institutional clientsDeutsche Bank is initially focusing on its corporate and investment banking clients in Europe. Eligible applicants include companies, asset managers, hedge funds, brokers and custodians that hold assets on behalf of other investors. The bank assesses applications against its own client onboarding and risk criteria.A fund manager transferring Ether from a portfolio to another wallet, for example, can authorize the transfer without storing the private keys on the fund’s own systems. Deutsche Bank generates the keys, protects them using dedicated hardware and recovers them from backups when necessary. Clients can access the custody platform through Autobahn, the bank’s digital banking portal.The bank requires approval from more than one person for critical operations and uses a separate environment for assets held offline. These measures aim to reduce the risk of lost keys and unauthorized transfers. Deutsche Bank also notes that the deposit guarantee scheme covering eligible bank deposits does not extend to crypto assets.Deutsche Bank sets its sights on tokenization and settlementOn the day of the launch, Deutsche Bank also announced that it had signed a memorandum of understanding with Deutsche Asset Management, formerly known as DWS. The two firms will explore which digital asset services they could offer together and what technology those services would require.Paul Maley, Deutsche Bank’s global head of trust and securities services, said the medium-term goal is to bring custody, tokenization and settlement together on a single regulated platform. The plan spans the process from representing a financial instrument as a token on a blockchain to settling payment when it changes hands. The bank included tokenized financial instruments in the roadmap it outlined in September.Deutsche Bank aims to expand the service to Asian financial centers after its European rollout. Any additions to the list of supported assets will depend on client demand, the bank’s risk assessment and its approval process for each new asset.

Nov 11, 2026
Visa Adds Monad to Its Stablecoin Settlement Program

Visa Adds Monad to Its Stablecoin Settlement Program

Visa has added Monad to the blockchains it supports for settling card payments. The Monad Foundation announced the addition on Tuesday, November 10. Participating financial institutions can now settle their obligations to Visa in stablecoins on Monad, bringing the number of supported networks to 10.How will Visa use Monad for card settlement?When a customer pays with a Visa card, funds move between financial institutions after the payment is approved at checkout. Monad comes into play at this settlement stage. Both card issuers and the institutions that process card payments for merchants can choose Monad when settling with Visa.The practical benefit for institutions is clearest on weekends and holidays. Traditional card settlement follows the banking calendar, while blockchain networks can transfer funds seven days a week. A participating institution can send stablecoins on a Saturday without waiting for banks to reopen on Monday.Visa already supported Ethereum, Solana, Avalanche and Stellar. In April, it added support for Circle’s Arc, along with Base, Canton, Polygon and Tempo. Dan Roesbery, Visa’s vice president of global onchain partnerships, said the company wants its payment partners to be able to choose the network that best suits their needs.Visa’s annualized stablecoin settlement volume tops $20 billionIn September, Visa reported that its stablecoin settlement volume had surpassed $20 billion on an annualized basis. The figure reflects how much Visa would settle over a full year at September’s pace. According to Visa, that pace was more than 15 times the level recorded a year earlier.On Monad, stablecoins in circulation had a combined market value of $632.4 million as of November 10. Circle’s dollar-pegged USDC accounted for 31.15% of that total, according to DefiLlama. These figures measure the value of the stablecoin supply on Monad, independently of Visa’s settlement activity.Monad plans privacy feature for institutionsThe Monad Foundation plans to introduce a feature called Private Settlement in the coming months. It will let institutions transfer funds on the network while keeping sensitive transaction details private. Institutions will be able to share those details with auditors or regulators when needed.The foundation is building the feature directly into Monad so that private transfers can draw on the same liquidity as other transactions on the network. When the foundation announced Visa’s support for Monad on November 10, it had yet to set a launch date for Private Settlement.

Nov 10, 2026

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