TLDR
- MSCI approved its “non-operating companies” rules Thursday, putting Strategy (MSTR), Metaplanet and Upexi at risk of removal.
- A company failing at least four of five financial ratio tests could be ruled ineligible.
- The final removal list comes out Nov. 11, and changes start Nov. 30, 2026.
- SharpLink (SBET), Ton Strategy (TONX), Solana Company (HSDT) and DeFi Development (DFDV) are set for a watchlist.
- JPMorgan earlier estimated about $2.8 billion in selling if Strategy is cut, based on an earlier proposal.
Strategy (MSTR) stock is back in focus after MSCI locked in new index rules on Thursday. The reports did not include a stock price move.
The index provider will bar “non-operating companies” from its Global Investable Market Indexes. The change applies from the November index review.
MSCI will test companies on their operating assets and five financial ratios. Failing at least four of the five could make a company ineligible.
The new method replaces interim limits. Those targeted firms whose digital assets made up at least 50% of total assets.
Strategy, Metaplanet and Upexi were earlier named for deletion. A May 2026 simulation also flagged Yellow Cake.
Buffers and Timing
MSCI added buffers to keep index turnover low. They cover the ratio thresholds and the timing of additions and removals.
A company outside the index cannot join if it fails the screen in either of its last two annual filing periods. Current members must fail in both periods to be removed.
MSCI may also look at the latest interim filing when one exists. That could speed up how the screen is applied.
SharpLink (SBET), Ton Strategy (TONX), Solana Company (HSDT) and DeFi Development (DFDV) are set for a watchlist. That is a warning, not a removal.
Strategy Pushes Back
Funds that track MSCI could be forced to sell removed names. That could weigh on prices and cut passive demand.
JPMorgan analysts earlier put Strategy’s exposure at roughly $2.8 billion in selling. That estimate covered an earlier digital asset proposal, not Thursday’s rules.
Executive Chairman Michael Saylor and CEO Phong Le have called the plan “discriminatory” toward digital asset treasuries. They raised their objections earlier this year.
In a September letter, Strategy said the proposal would have “no meaningful impact” on its business. It also said the move would hurt MSCI’s standing as a neutral provider.
In August, the company said MSCI-tracking funds hold about 13 million of its stock, or 3.1% of basic outstanding. Strategy said that is less than one day of trading volume.
Strategy also recently added 250 Bitcoin, lifting its holdings to 848,250 BTC. MSCI will publish its final list on Nov. 11, with removals taking effect Nov. 30, 2026.
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