#strategymetaplanetlosemsciindexmembership
In the MSCI November 2026 Index Review, index provider MSCI officially announced the removal of Strategy (formerly MicroStrategy) from the MSCI USA Index and Metaplanet from the MSCI Japan Small Cap Index. Both exclusions take effect at the close of business on November 30, 2026.
Core Reasons for Removal
New Non-Operating Company Eligibility RulesMSCI adopted updated eligibility standards designed to screen out holding companies and entities without substantial traditional operating businesses. The rule evaluates a firm's core operating assets across five specific financial metrics.
Shift to Digital Asset TreasuriesThe standard replaces an interim rule targeting companies holding 50% or more of their total assets in digital assets. Because both Strategy and Metaplanet operate primarily as Bitcoin acquisition and treasury vehicles, they failed MSCI's newly criteria for active operating businesses.
Key Details & Financial Impact
Impacted Securities: Strategy Class A common stock (MSTR) and Tokyo-listed Metaplanet (3350.T).
Potential Outflows: Wall Street analysts estimate that passive index funds tracking MSCI benchmarks will be forced to sell roughly $2.8 billion to $3 billion in Strategy stock to match index compositions.
Corporate Pushback: Leadership at Strategy criticized the non-operating policy criteria as "discriminatory" toward digital asset treasury models, though they noted that exclusion would not impact their core balance-sheet strategy
