MSCI set to announce whether Strategy and Metaplanet stay in its global indexes

MSCI is scheduled to reveal today whether Strategy and Metaplanet keep their seats in its global indexes. Both companies appeared on a preliminary deletion list, and the final call could set off billions of dollars in forced selling.

What MSCI is deciding

The index provider plans to publish its final November 2026 review list on November 11, 2026, at 5:00 p.m. ET. Any removals confirmed in that list would take effect at the close of trading on November 30, 2026.

After that date, funds that track the affected indexes have to sell their holdings.

Strategy (MSTR) and Metaplanet were flagged for deletion in the preliminary list, along with three other companies. That makes five candidates for removal in total.

Strategy is expected to account for over 90% of the value of the affected companies. JPMorgan analysts have estimated that excluding Strategy could lead to approximately $2.8 billion in passive outflows from its shares.

One important detail: the selling would hit the equities, not the Bitcoin. Index funds would have to dump shares of Strategy and Metaplanet. Nothing in the rules forces either company to liquidate its underlying Bitcoin holdings.

The new rulebook behind the decision

The deletions flow from a framework MSCI adopted on October 15, 2026. Under the new rules, a company is deemed ineligible for MSCI’s Global Investable Market Indexes if it fails two hurdles. First, it must fall short on a core operating-assets test. Second, it must fail at least four out of five financial ratios across its last two annual filings.

Those ratios look at operating assets, expenses, cash flow, fair-value changes and capital dependence.

The framework replaces interim thresholds that centered specifically on digital assets at a 50% level. Instead of singling out crypto holdings, the new test applies to a broader range of non-operating entities.

Who is on the chopping block

Strategy is the heavyweight of the group, and the reason the outflow estimates run into the billions.

Metaplanet is reported to hold approximately 44,000 BTC, which would make it Japan’s largest Bitcoin holder. It has followed a similar treasury playbook, using its corporate balance sheet as a vehicle for Bitcoin accumulation.

What this means for investors and the treasury company model

The most direct impact is mechanical. If MSCI confirms the deletions, index-tracking funds will need to sell shares by the November 30 effective date. JPMorgan’s estimate of approximately $2.8 billion in passive outflows for Strategy gives a sense of the scale.

The companies’ Bitcoin positions would remain intact unless management decides otherwise.

Watch three things after the 5:00 p.m. ET release. First, whether all five preliminary deletions survive into the final list. Second, how the shares trade in the days between the announcement and November 30. Third, whether other index providers adopt similar logic toward non-operating companies.

Until MSCI publishes its final list, the deletions remain preliminary. The announcement is what will confirm whether Strategy and Metaplanet are actually headed out the door.