MSCI Confirms Removal of Strategy and Metaplanet From Equity Indexes on November 30

MSCI confirmed on November 11 that it will remove Strategy, the largest publicly listed holder of bitcoin, from its MSCI USA Index and other global equity benchmarks, effective after the market close on November 30. Japan's Metaplanet and Upexi will also be dropped. The removals follow new eligibility rules MSCI adopted in October that exclude companies classified as non-operating businesses, meaning firms whose primary activity is holding assets rather than running an operating enterprise.

The exclusion threatens what analysts call Strategy's bitcoin-buying machine. Being part of a major index drives passive investment demand from funds that track it, and losing that demand could weaken Strategy's ability to raise capital through stock sales to fund further bitcoin purchases. Bloomberg noted the move could potentially trigger billions of dollars in stock sales. Strategy shares fell roughly 2.4 percent in extended trading Wednesday following the confirmation, though some analysts said the widely expected decision was largely priced in.

Bitcoin was holding near 74,000 dollars in the period around the announcement. Under the MSCI framework announced in October, companies on its watchlist that fail an annual screening are removed and cannot be re-added while they remain classified as non-operating, leaving Strategy no straightforward path back into the indexes without a fundamental change to its business model.