MSCI Finalizes Rules That Could Remove Strategy (MSTR) From Its Indexes

TLDR

• MSCI adopted its “non-operating companies” methodology on Thursday, which could remove Strategy (MSTR), Metaplanet and Upexi from its global indexes.
• Companies failing at least four of five financial ratio tests could be deemed ineligible.
• MSCI will publish its final removal list on Nov. 11, with changes taking effect Nov. 30, 2026.
• SharpLink (SBET), Ton Strategy (TONX), Solana Company (HSDT) and DeFi Development (DFDV) are on a watchlist.
• JPMorgan earlier estimated about $2.8 billion in selling if Strategy is cut, though that figure covered an earlier proposal.

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Strategy (MSTR) Stock stands at the center of a new index rule from MSCI. The index provider said Thursday it will adopt a methodology that makes “non-operating companies” ineligible for its Global Investable Market Indexes. No stock price was given in the reports.

🚨BREAKING: MSCI officially moves to remove Michael Saylor’s Strategy from its global indexes, starting November 30.

MSCI will now treat companies like Strategy as “non-operating” and ineligible for its indexes.

Strategy is on MSCI’s list of potential deletions, alongside… pic.twitter.com/W1BXOzU8l0

— Coin Bureau (@coinbureau) October 15, 2026

The rules take effect with the November index review. They replace interim limits that targeted companies holding digital assets worth at least 50% of total assets.

MSCI will screen companies on their operating assets and five financial ratios. A company that fails at least four of the five tests could be deemed ineligible.

Strategy, Metaplanet and Upexi were previously named for deletion under the method. A May 2026 simulation also flagged Yellow Cake.

Who Is on the Watchlist

Several other crypto treasury firms face possible removal. SharpLink (SBET), Ton Strategy (TONX), Solana Company (HSDT) and DeFi Development (DFDV) would go on a watchlist.

A watchlist spot is not a removal. It means the firm could be cut later if it keeps failing the screen.

MSCI built in buffers to cut index turnover. These apply to both the ratio thresholds and the timing of additions and removals.

Companies not yet in the index cannot be added if they fail the screen in either of their two most recent annual filing periods. Current members must fail in both periods before removal.

MSCI may also use the most recent interim filing if one is available. That gives the index provider some room in how it applies the test.

What Index Funds Could Do

Removal could force funds that track MSCI indexes to sell the affected stocks. That could weigh on prices and cut passive demand.

Conner Brown, executive director of the Bitcoin Policy Institute, criticized broad index exclusion in September. He said it “removes a company from the default portfolios of tens of millions of people who never chose to remove it.”

JPMorgan analysts earlier estimated that Strategy’s exclusion could trigger roughly $2.8 billion in selling. That estimate concerned MSCI’s earlier digital asset proposal, not the rules adopted Thursday.

Strategy has pushed back. Executive Chairman Michael Saylor and CEO Phong Le called the plan “discriminatory” against digital asset treasuries.

In a September letter, the company said the proposal “would have no meaningful impact on Strategy’s business.” It added that it would harm MSCI’s reputation as a neutral index provider.

In August, Strategy said funds tracking the MSCI indexes hold about 13 million of its shares. That is 3.1% of basic shares outstanding and less than one day of trading volume, the company said.

Separately, Strategy recently added 250 Bitcoin, bringing its holdings to 848,250 BTC. MSCI will release its final list on Nov. 11, with removals set for Nov. 30, 2026.