MSCI officially adopts new index exclusion rules, Strategy and Metaplanet face potential exclusion

On October 16, MSCI announced the formal adoption of the non-operating company index exclusion rules, which will be implemented in the index review in November 2026 and will take effect after the market closes on November 30.

The new rules first assess whether a company has substantial operating assets; companies that do not pass the initial screening will undergo five financial ratio tests, and if at least four of these meet the exclusion criteria, they will not qualify for index inclusion.

As a result, Bitcoin treasury company Strategy and Metaplanet face potential exclusion, with the final list to be announced on November 11. JPMorgan previously estimated that if Strategy is removed from the MSCI index, it would face approximately $2.8 billion in selling pressure.