MSCI has finalized rules that could make Bitcoin treasury companies such as Strategy and Metaplanet ineligible for its Global Investable Market Indexes, potentially reducing the passive investment demand supporting their shares.
What MSCI changed
The index provider said the new methodology will take effect at the close of November 30 as part of its November index review. It classifies “non-operating companies” as ineligible when they lack substantial operating assets and function more like investment vehicles than conventional businesses.
The assessment begins with a core screen. Companies that do not pass it are then evaluated using five financial ratios. A company is flagged for exclusion if it fails at least four of those tests. MSCI plans to publish the list of affected companies on November 11.
The rules are aimed at businesses whose balance sheets are heavily concentrated in one asset, particularly digital assets. Strategy, the company associated with Michael Saylor, has built its corporate model around holding Bitcoin. Japan’s Metaplanet and other companies have adopted similar Bitcoin treasury strategies.
Buffers and the end of a temporary exemption
MSCI included safeguards intended to limit sudden changes in its indexes. Existing constituents will be removed only if they fail the screen during both of their two most recent annual filing periods. Companies seeking to enter an index will be blocked if they fail during either of those two periods.
The decision also ends a temporary measure introduced as the digital-asset treasury trend expanded. In 2025, MSCI had frozen certain index adjustments for companies whose digital-asset holdings accounted for at least 50% of total assets. Under the finalized framework, those companies will instead be assessed using the new eligibility rules.
According to Decrypt, Michael Saylor criticized the proposed approach as “discriminatory” and had called on MSCI not to remove Strategy from its benchmarks.
Why index eligibility matters
MSCI indexes are followed by funds that seek to mirror their holdings. If a company is removed, those index-tracking funds would generally need to sell its shares, creating a potential source of selling pressure.
That could also affect the premium at which some Bitcoin treasury companies have traded relative to the value of the cryptocurrency on their balance sheets. The source material does not identify the companies that will ultimately be removed; MSCI’s November 11 publication is expected to provide that list.
The policy question has already influenced company actions. Metaplanet sold 10,000 Bitcoin and later bought back 11,000, presenting the transactions as evidence of active treasury management. Strategy, meanwhile, has continued accumulating Bitcoin while the index review remains unresolved.
Current crypto market picture
Moneyiar market data at 21:48-21:49 on October 17, 2026, showed Bitcoin at $81,174.17, down 0.50% over 24 hours and 2.22% over seven days. Compound was $21.21, down 3.92% in 24 hours and 14.92% over seven days. ECOMI was $0.0002789, up 11.25% over 24 hours but down 5.30% over seven days, while Mina was $0.07269, down 4.60% and 15.66% over those periods, respectively.
