Current outcome
MSCI has finalized the non-operating company exclusion rule, effective at the close of Nov. 30, with the affected list due Nov. 11; the temporary reprieve is scrapped, Strategy and Metaplanet face removal risk, and passive funds may be forced to sell; Metaplanet has executed BTC sales and buybacks to show active management, Strategy kept accumulating, and Saylor criticized the rule as discriminatory.
Progress timeline
12 material updates- #01
Strategy Faces Fresh Threat of Removal from MSCI Global Equity Indexes
Source evidence: foreignpolicyjournal.com
- #02
Bitcoin Policy Institute质疑MSCI排除比特币储备公司的指数规则
The Bitcoin Policy Institute published a report questioning MSCI's proposed index rules that could exclude digital-asset treasury companies like Strategy and Metaplanet, arguing the rulemaking process lacks transparency given the index provider's ~$21 trillion in tracked assets.
Source evidence: theblockbeats
- #03
MSCI Adopts New Index Exclusion Rules; Strategy and Metaplanet Face Potential Re
MSCI formally adopted new index exclusion rules targeting non-operating companies; the final list of affected constituents will be published on November 11, and the rules take effect after the November 30 close. Strategy and Metaplanet face potential removal, while SharpLink is placed on a watchlist.
State after update: MSCI has adopted new rules excluding non-operating companies; Strategy and Metaplanet face potential removal from its Global Investable Market Indexes, with a final list due November 11 and rules effective after the November 30 close.
Source evidence: wublockchainenglish · Cointelegraph
- #04
MSCI正式采用新指数剔除规则，Strategy和Metaplanet面临潜在剔除
MSCI formally adopted the non-operating company index exclusion rule, to be applied in the November 2026 index review effective after the Nov 30 close; Strategy and Metaplanet face potential removal, with the final list due Nov 11; JPMorgan estimates ~$2.8B selling pressure on Strategy if dropped.
State after update: MSCI has formally adopted the index exclusion rule; Strategy and Metaplanet are at risk of removal, with the final list pending release on Nov 11.
Source evidence: theblockbeats
- #05
【MSCI 确认非经营性公司不纳入全球可投资市场指数，数字资产持仓公司适用新方法】
MSCI confirmed it will exclude non-operating companies, including digital-asset treasury firms, from its Global Investable Market Indexes starting November 30, 2026, retiring its earlier interim treatment for crypto-heavy balance sheets, with a final affected-constituent list due November 11.
Source evidence: foresightnews
- #06
FN 速递丨MSCI 新规落地，14 家加密公司进入潜在影响名单
Under MSCI's new rule, 22 companies are flagged as potentially affected, including 14 crypto-asset-related firms, expanding the previously mentioned impact scope beyond Strategy, Metaplanet and others.
State after update: MSCI has formally adopted the non-operating company index exclusion rule, effective from November; 14 of 22 potentially affected companies are crypto-asset-related, with the final list pending release on Nov 11.
Source evidence: foresightnews
- #07
MSCI approves rules that could eject Strategy, Metaplanet from equity indexes
MSCI finalized rules that would remove Strategy, Metaplanet and other investment-holding companies from its global equity indexes, with the affected list due Nov. 11 and Strategy potentially facing about $2.8 billion in index-driven stock outflows.
Source evidence: CoinDesk
- #08
Strategy dips on bad MSCI World Index news
Strategy (MSTR) stock fell 4% in after-hours trading on Oct 15 following MSCI's new rule news; additional details emerged on MSCI's two-step screening methodology (operating assets below half of total assets triggers a five-ratio screening, failing at least four of five ratios makes a stock ineligible, and removal requires failing screens in each of the two most recent annual filing periods) and Strategy's ~$40B float-adjusted market value as of Oct 9.
State after update: MSCI has formally adopted the non-operating company index exclusion rule, effective after the Nov 30 close; the final affected-constituent list is due Nov 11; Strategy faces removal risk and its stock dropped 4% after hours; 22 companies are potentially affected, 14 of which are crypto-asset-related.
Source evidence: Protos
- #09
或受MSCI踢出指数警告影响，MSTR开盘跌超4%
MSTR opened down over 4% to $145.10 following MSCI's warning, as passive funds may be forced to divest.
State after update: MSCI confirmed it will exclude non-operating companies, including digital-asset treasury firms, from its Global Investable Market Indexes starting November 30, 2026; in market reaction, MSTR opened down over 4% to $145.10 on October 16.
Source evidence: theblockbeats
- #10
Strategy（MSTR）跌幅扩大至6.46%
Strategy (MSTR) shares fell further on Oct 16, with losses widening to 6.46% at $141.5, extending the previously reported 4% after-hours decline.
State after update: MSCI has formally adopted the non-operating company index exclusion rule, effective after the Nov 30 close; the final affected-constituent list is due Nov 11; Strategy faces removal risk, and its stock decline widened to 6.46% at $141.5.
Source evidence: theblockbeats
- #11
Strategy（MSTR）跌幅扩大至9%
Strategy (MSTR) shares fell further, with losses widening to 9.08% at $137.5.
State after update: MSCI has adopted the non-operating company index exclusion rule, with the final affected list due Nov 11; Strategy faces removal risk, and its stock decline widened to 9.08% at $137.5.
Source evidence: theblockbeats
- #12
Bitcoin Treasury Giant Strategy Faces Index Removal Under Finalized MSCI Rules
The MSCI rule takes effect at the close of Nov. 30, and its temporary reprieve for companies with 50%+ digital-asset holdings is scrapped; Metaplanet sold 10,000 BTC and bought back 11,000 to demonstrate active treasury management, while Strategy kept accumulating; Saylor called the rule discriminatory.
State after update: MSCI has finalized the non-operating company exclusion rule, effective at the close of Nov. 30, with the affected list due Nov. 11; the temporary reprieve is scrapped, Strategy and Metaplanet face removal risk, and passive funds may be forced to sell; Metaplanet has executed BTC sales and buybacks to show active management, Strategy kept accumulating, and Saylor criticized the rule as discriminatory.
Source evidence: Decrypt