MSCI finalized index rules aimed at non-operating companies, and crypto treasury firms sit in the blast radius. Strategy and Metaplanet were already flagged under the earlier methodology. Other names have shown up in coverage too.

The call that matters is Nov. 11, when MSCI publishes the final list of firms set for deletion. Passive money tracks these indexes, so a drop can mean automatic selling, not a debate about fundamentals.

Watch the list. That date is when the guesswork ends.

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