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 outflows
Strategy 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 30
Like 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.
