MSCI has approved new index eligibility rules that could lead to the removal of major corporate Bitcoin holders Strategy and Metaplanet from its global stock benchmarks. The finalized policy follows a proposal the index provider introduced in August.

Under the revised criteria announced Thursday, companies primarily engaged in holding investments rather than operating an active business will no longer qualify for MSCI’s Global Investable Market Indexes. MSCI is expected to publish the final list of affected companies on November 11, with the changes scheduled to take effect after markets close on November 30.

The decision could have significant consequences for the affected stocks because many investment funds track major equity indexes. When a company enters a benchmark, index-tracking funds generally purchase its shares. If it is removed, these funds typically sell their holdings to reflect the revised index, regardless of their individual views on the company’s prospects.

Decentralized infrastructure network ZEROBASE said the decision highlights increasing tension between conventional index methodologies and businesses that hold Bitcoin as a central part of their corporate treasury strategies. The organization warned that passive investment flows have become an important source of demand for these stocks. If that demand weakens for an extended period, the companies could face greater difficulties raising capital to finance further Bitcoin acquisitions.

Strategy and Metaplanet Face Potential Removal

Strategy, headquartered in Tysons Corner, Virginia, faces significant exposure to the new rules. According to Bitcoin Treasuries, the company holds 848,250 BTC worth approximately $69.67 billion, making it the largest publicly traded corporate Bitcoin holder.

Strategy has frequently relied on capital-market fundraising to expand its Bitcoin reserves, including the issuance of preferred securities such as STRC and STRK.

JPMorgan analysts estimate that Strategy’s exclusion from relevant MSCI indexes could lead to approximately $2.8 billion in outflows from its shares. The stock closed at $151.29 on Thursday, around 72% below its November 2024 record high of $543.

Metaplanet, a Tokyo-based company pursuing a similar Bitcoin treasury strategy, could also be affected. Its shares closed at 277 yen, or approximately $1.75, on Friday, according to TradingView. The stock previously reached 1,930 yen in June 2025.

Any selling triggered by index changes would directly affect the companies’ shares rather than automatically resulting in Bitcoin sales. Funds tracking the benchmarks could reduce their equity holdings without requiring Strategy or Metaplanet to sell their BTC reserves.

However, weaker demand for their shares could make future fundraising more challenging. Both companies depend on access to capital markets to support their plans to accumulate more Bitcoin, making investor demand an important factor in their treasury strategies.

Strategy founder Michael Saylor has disputed the idea that the company should be classified as an investment fund. He describes it as an operating business with a software division and a separate Bitcoin treasury operation. The company, formerly known as MicroStrategy, provides business intelligence software to corporate customers, including Coca-Cola and Porsche.

How MSCI Will Determine Index Eligibility

MSCI already excludes investment funds and similar entities from its equity benchmarks. The new framework extends that approach to companies whose activities and financial structures increasingly resemble those of investment-holding vehicles.

The screening process first examines whether a company has substantial assets connected to operating a business. Firms that fail this initial assessment must undergo a second evaluation based on five financial ratios covering expenses, cash flow, changes in asset values and dependence on external financing.

A company will become ineligible if it fails at least four of these five tests.

MSCI has introduced additional safeguards to prevent frequent changes in index membership. An existing constituent will be removed only if it fails the screening requirements in both of its two most recent annual reporting periods. Companies seeking to enter an index will be rejected if they fail the criteria in either of those periods.

An initial assessment using May 2026 data identified three companies as potential candidates for removal from MSCI’s ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, a U.K.-based uranium investment company.

MSCI is also ending the temporary measures introduced in October 2025 for companies whose digital asset holdings represented at least 50% of their total assets. Those provisions restricted increases in the share counts used for index calculations and delayed additions or movements between index size categories for affected businesses.

Starting with the November review, those companies will instead be assessed under the finalized eligibility rules.

For Strategy and Metaplanet, the outcome could extend beyond their status in MSCI benchmarks. If index-related selling reduces demand for their shares, both companies could face additional challenges in raising capital to expand their Bitcoin holdings.