MSCI is preparing to remove bitcoin treasury enterprise Strategy, Inc. (MSTR) from its USA Index and Metaplanet (3350.T) from its Japan Small Cap Index as of the market close on Nov. 30, based on documentation released on Wednesday.
These exclusions were widely anticipated, particularly after MSCI established fresh criteria for inactive firms last month, placing various cryptocurrency treasury businesses at risk of being dropped. Meanwhile, Sharplink, an Ethereum treasury enterprise, was absent from the list of November small-cap removals.
The updated regulations evaluate corporate operating assets alongside five distinct financial metrics, substituting the previous temporary limits placed on entities maintaining half or more of their total assets in digital currencies. MSCI had earlier stated that index-listed companies would face expulsion if they did not pass this evaluation across their two most recent annual reporting cycles.
Strategy Executive Chairman Michael Saylor and Phong Le had previously expressed strong opposition to the policy shift, labeling the intended handling of digital asset reserves as biased. Within a September correspondence, Strategy maintained that any removal would not materially affect its operations, though it would damage MSCI’s standing as an unbiased index administrator.
The assessment paperwork published by MSCI did not include direct, company-by-company rationales for the exclusions.
Following the news, Strategy’s common MSTR stock dropped 2.6% during extended trading hours to reach $119.06. Earlier on Wednesday in Tokyo, prior to the disclosure by MSCI, Metaplanet stock finished the session 2.53% lower at 231 yen.
Originally published at https://www.theblock.co/news/markets/2026-11-11-strategy-metaplanet-lose-msci-index-membership-november-reshuffle-438437.
