MSCI to drop Strategy (MSTR) from its USA index under new bitcoin treasury rules
Strategy and Metaplanet are the first companies cut under MSCI's new test for non-operating companies. The change takes effect at the end of November.
- MSCI will remove Strategy (MSTR) from the MSCI USA Index as part of its November 2026 index review 12
- Metaplanet is also being removed, from the MSCI Japan Small Cap Index 3
- The changes take effect after the close of trading on Nov. 30 13
- They are the first removals under MSCI's new rules for non-operating companies 1
In this article
What MSCI decided
MSCI to drop Strategy (MSTR), the largest corporate holder of bitcoin, from the MSCI USA Index in its November 2026 index review 12. Leaving the USA index also takes the stock out of the broader MSCI World and ACWI benchmarks that are built from it 2.
Japan's Metaplanet, another company that holds bitcoin on its balance sheet, is being removed from the MSCI Japan Small Cap Index 3. Both changes take effect after the close of trading on Nov. 30 13.
Most companies that leave the MSCI USA Index move down into a small-cap index. Strategy is not doing that, according to reports, so it leaves MSCI's main US equity benchmarks entirely 2.
Why the rules changed
These are the first removals under MSCI's new rules for what it calls non-operating companies 1. The test first asks whether a company has substantial operating assets, then applies a set of financial ratio checks 1.
The new rules replace interim limits MSCI had placed on companies whose digital assets make up at least half of their total assets 1.
Strategy has pushed back on the idea. The company has argued that the labels operating and non-operating have no basis in US accounting standards 4.
What it means for bitcoin and for MSTR holders
Funds that track MSCI indexes are expected to sell their Strategy and Metaplanet shares around the effective date, because the stocks will no longer be in the indexes they copy 23.
The decision does not require either company to sell any bitcoin. It changes who holds their shares, not what the companies hold. Metaplanet reported 44,000 BTC as of Sept. 30 3.
CryptoBorne does not make price predictions. The dates to watch are the Nov. 30 close, when index funds rebalance, and any further statement from Strategy or MSCI before then.
Frequently asked questions
When does Strategy leave the MSCI USA Index?
After the close of trading on Nov. 30, 2026, as part of MSCI's November index review.
Does Strategy have to sell bitcoin?
No. Index removal means funds tracking MSCI sell MSTR shares. It does not require the company to sell its bitcoin.
Which other bitcoin treasury company is affected?
Metaplanet, which is being removed from the MSCI Japan Small Cap Index.
About this article
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- Written by the CryptoBorne desk.
- Cointelegraph: MSCI confirms Strategy's removal from indexes end November · Nov 10, 2026 ET
- Bitcoin Magazine: MSCI removes Strategy (MSTR) from USA index · Nov 10, 2026 ET
- Unchained: Strategy to leave MSCI indexes by month end, Metaplanet also out · Nov 10, 2026 ET
- Bitcoin Magazine: Strategy slams MSCI over possible index removal · Nov 10, 2026 ET
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