MSCI’s index rules for bitcoin-holding companies could push Strategy and Metaplanet out of its global equity benchmarks, triggering forced stock sales by tracking funds. The changes target investment-heavy businesses, with JPMorgan estimating that Strategy alone could face about $2.8 billion in stock outflows if excluded.
Key takeaways
- MSCI will identify excluded companies on November 11, 2026.
- Strategy holds 848,250 BTC, according to Bitcoin Treasuries.
- Index removals would force share sales, not direct bitcoin sales.
According to CoinDesk, MSCI finalized the methodology on Thursday after proposing it in August. Companies whose main activity is holding investments rather than operating a business will become ineligible for the MSCI Global Investable Market Indexes.
How MSCI’s index rules affect bitcoin treasury firms
The rules could remove Strategy, Metaplanet and other investment-heavy companies from MSCI’s global equity indexes. The changes take effect at the market close on November 30, 2026.
Cointelegraph reported that MSCI had previously identified Strategy, Metaplanet and Upexi for deletion under its “non-operating companies methodology.” Sharplink, Inc, Ton Strategy Company, Solana Company and DeFi Development Corp. were among the businesses placed on a watchlist of potential removals.
Index membership provides a source of demand for shares. Funds tracking a benchmark buy its constituent stocks and must sell companies removed from it, regardless of their managers’ views on those businesses.
Strategy’s holdings and the estimated stock outflows
Strategy is the largest publicly listed bitcoin holder, with 848,250 BTC valued at about $69.67 billion, according to Bitcoin Treasuries. JPMorgan analysts estimated that exclusion from MSCI’s indexes could prompt roughly $2.8 billion to leave its stock.
The Tysons Corner, Virginia-based company’s shares closed Thursday at $151.29, about 72% below their record of $543 in November 2024.
Tokyo-based Metaplanet closed Friday at 277 yen ($1.75), compared with its June 2025 peak of 1,930 yen, according to TradingView.
Forced share sales, not bitcoin sales
Forced selling under MSCI’s index rules for bitcoin-holding companies would affect their shares, not directly their bitcoin holdings. An index fund selling Strategy stock does not itself require Strategy to sell bitcoin.
The financing connection is separate. Strategy typically raises money for bitcoin purchases by selling preferred shares, including STRC and STRK.
Decentralized infrastructure network ZEROBASE said on X that passive investment has become an important source of demand for these stocks. It warned that a sustained reduction in that demand could restrict the equity issuance that several companies rely on to finance further purchases.
MSCI’s final list of affected companies is scheduled for November 11, 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.