Strategy, Metaplanet lose MSCI index membership in November reshuffle

What happened

MSCI is set to remove bitcoin treasury companies Strategy from its USA Index and Metaplanet from its Japan Small Cap Index at the close of November 30. The removals are proposed under new eligibility rules, and MSCI’s review documents gave no company-specific explanation.

Proposed

Global impact / market context

If the removals proceed, funds that track these indexes may need to sell the companies’ shares, potentially adding selling pressure. The changes also show how index rules can affect investor access to bitcoin treasury companies, even though Strategy argued exclusion would not meaningfully affect its business.

Analyst inference

The reshuffle follows MSCI’s new screening rules, which assess operating assets and five financial measures, replacing temporary restrictions tied to firms holding at least half their assets in crypto. Strategy and Metaplanet were named for removal, while Ethereum treasury company Sharplink was not listed among the deletions.

Confirmed

What to watch

1. Check whether MSCI confirms the removals at the November 30 index close; the supplied report says the planned changes are not yet final. Analyst inference
2. Watch for any company-specific explanation from MSCI, since its review documents did not explain why Strategy and Metaplanet were selected for removal. Analyst inference
3. Track whether Strategy or Metaplanet comments on the planned changes, given Strategy previously argued exclusion would not meaningfully affect its business. Analyst inference

Affected assets

• BTC — Bitcoin
• ETH — Ethereum

Evidence

• theblock.co