MSCI will proceed with its plan to delete Strategy, Metaplanet, and other crypto treasuries from its Global Investable Market Indexes.
The firm announced the move after finishing its month-long consultation process on the proposal to exclude “non-operating companies.”
During the consultation window, Bitcoin treasury firms, including Strategy and Strive, opposed the proposal. Even TD Cowen backed the two firms, arguing that their digital credit operations using Bitcoin holdings as collateral make them “operating firms.”
The final list of firms to be delisted will be made available on 11th November 2026, as part of the November index review.
MSCI will discontinue, effective with the November 2026 index review, the interim measures announced on October 10, 2025 in respect of the preliminary list of companies whose digital asset holdings represented 50% or more of total assets.
According to the MSCI, Strategy and Metaplanet will be axed from its indices after the November review.
A couple of other crypto treasuries, including Sharplink, DeFi Dev Corp, Ton Strategy, Canton Strategic Holdings, Capital B, Sui Group Holdings, Upexi, and Solana Company, will be on the watchlist for now.
In other words, they could be next in line for deletion if they fit the non-operating company profile and trigger the new exclusion criteria.
Potential impact on Bitcoin and crypto treasuries sector?
The proposal was first floated last year. However, it was paused after massive outcry that it only targeted the crypto sector. The new 2026 proposal was slightly expanded beyond just crypto treasuries, but key players in the sector will still be the most affected.
According to JPMorgan analysts, the deletion could trigger $2.8B in forced selling pressure and outflows from MSCI indices. If other indices such as FTSE Russell and S&P Dow Jones follow suit, the outflows could increase to $8B-$11B.
The forced MSTR sales, expected towards the end of November, could derail Strategy’s financing model for its Bitcoin acquisition and the so-called digital credit plans.
For his part, Michael Saylor, Founder of Strategy, downplayed the impact of the development.
Not that important to us…They’re imposing prejudicial values on digital assets. Digital assets are smarter, faster, and stronger. MSCI may not want to share in it, but investors and the nation will disagree.
Analyst Simon Dixon disagreed with Saylor though, despite contending that MSTR will still survive.
That’s a lot of passive buying pressure taken off the table. $BTC wrapped in FIC financial products and digital credit is not resistance to banks. It is subordinate to banks and their financial engineering games.
Crypto treasuries hold over $100B worth of assets across Bitcoin, Ethereum, HYPE, SOL, and more. With a key demand line pulled off the table, it’s now unclear how the sector will readjust or hold up.
Final Summary
- Metaplanet and Strategy could be axed from MSCI global equity benchmarks by November.
- Over $100B worth of crypto holdings held by public companies could be on the line.
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