New index rules approved by MSCI put Strategy and Metaplanet at risk of exclusion, while potential fund selling could make it harder for the companies to raise money for new Bitcoin purchases.
According to CoinDesk, MSCI, one of the world’s major index providers, finalized rules that could exclude companies that primarily hold investment assets and have no significant business operations. In an initial screening based on May 2026 data, Strategy and Metaplanet were among the companies that could be removed from the ACWI Investable Market Index.
The final list will be announced on November 11, and the changes will take effect at the close on November 30. This turns the index risk debated for months by Bitcoin treasury companies into a review process with a set timeline.
Where does the $2.8 billion in potential selling come from?
Funds that track an index build their portfolios around the companies in that index. When a company is removed, those funds also have to sell their shares in it. JPMorgan analysts estimate that removing Strategy from the indexes could lead to approximately $2.8 billion in outflows from MSTR shares.
This risk is particularly significant for Strategy, which has the largest Bitcoin treasury among publicly traded companies. According to Bitcoin Treasuries data cited in the report, the company holds 848,250 BTC and uses preferred shares such as STRC and STRK to finance its purchases.
The potential forced selling involves shares in the company held by funds, not the Bitcoin held by Strategy. But weaker demand for its shares could make it harder to raise money through new offerings and use those funds to buy Bitcoin. That financing channel is the key link the market will be watching.
What criteria will MSCI use to screen companies?
MSCI will first assess whether a company has significant assets tied to its actual business operations. Companies that do not pass this stage will be subject to five financial criteria covering factors such as expenses, cash flow, changes in asset values, and reliance on external financing. Companies that fail at least four criteria will not be considered eligible for the index.
For an existing company to be removed from the index, it must fail the screening in both of the last two reporting periods. This requirement is intended to prevent frequent index changes based on the results of a single period. In addition to Strategy and Metaplanet, British uranium investment company Yellow Cake was also included on the initial list of potential removals.
MSCI is also ending the temporary measures it applies to companies whose digital assets make up at least 50 percent of their total assets. These companies will be assessed under the new rules starting with the November review.
Strategy founder Michael Saylor, meanwhile, argues that the company is a business with a software operation and that its Bitcoin treasury should be considered a separate line of business. He opposes treating it as an investment fund.
Not investment advice.