MSCI has approved a new methodology that could exclude Strategy, Metaplanet and Upexi from its global investable-market indexes, while placing several other cryptocurrency treasury companies under review.
According to Cointelegraph, the index provider said the rules adopted Thursday will make “non-operating companies” ineligible for inclusion in the MSCI Global Investable Market Indexes. The change is significant for companies whose corporate identity and balance sheets are closely linked to holding digital assets rather than running a conventional operating business.
Which companies are affected
Strategy, formerly known as MicroStrategy and listed under the ticker MSTR, had already been identified by MSCI as a company that could be deleted under the proposed methodology. Metaplanet and Upexi were also previously identified for removal.
Other crypto treasury companies would initially be placed on a watchlist rather than immediately removed. The companies named in the source material include:
- Sharplink, Inc., ticker SBET
- Ton Strategy Company, ticker TONX
- Solana Company, ticker HSDT
- DeFi Development Corp., ticker DFDV
MSCI is expected to publish the final list of companies slated for deletion on Nov. 11. Any removals will become effective on Nov. 30, 2026.
How the screening works
Under the methodology, MSCI will examine each company’s operating assets and apply five financial tests. A company that fails at least four of those five tests could be classified as ineligible.
Companies already included in an index would generally need to fail the screening process across two annual reporting periods before being removed. That provision means the rules do not necessarily translate into an immediate deletion for every company that falls short of the criteria.
Index exclusion matters because investment funds that track an index typically seek to reflect its holdings. If a company is removed, those funds may have to sell its shares. That can reduce demand from passive investors and put pressure on the affected stock, although the size of any market impact would depend on the holdings and trading activity involved.
JPMorgan analysts previously estimated that removing Strategy from MSCI indexes could result in about $2.8 billion of selling. The source notes that this estimate related to an earlier digital-asset proposal, not the rules MSCI adopted Thursday, so it should not be treated as a confirmed estimate for the newly approved methodology.
Strategy’s response and current market picture
Strategy opposed the proposed changes in August but also characterized the potential disruption as limited. The company said funds tracking MSCI’s Global Investable Market Indexes held about 13 million Strategy shares, equal to 3.1% of its basic shares outstanding, and that this represented less than one day of the company’s trading volume.
Moneyiar market data at 21:44-21:49 on Oct. 17, 2026, showed Ethereum at $2,372.0739381119, down 1.74% over 24 hours and 5.36% over seven days. Meteora was $0.3401409324, down 6.77% in 24 hours and 20.04% over seven days. Decimal stood at $0.4349687753, down 3.70% in 24 hours but up 11.46% over seven days. The Index was $0.035758599, down 14.44% over 24 hours and up 31.84% over seven days, based on Moneyiar’s listed timestamps.
