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MSCI adopted rules to exclude non-operating companies from its Global Investable Market Indexes. A simulation using May 2026 data identified Bitcoin treasury firms Strategy (MSTR) and Metaplanet (3350) as potential removals, while Ethereum treasury company SharpLink (SBET) would be placed on a watchlist. MSCI will publish the final list of affected constituents on November 11.
Why it matters
The rules shift the assessment of companies holding digital assets to an operating-assets test and a set of financial criteria. MSCI will also lift temporary restrictions on companies previously identified as holding digital assets worth at least 50% of total assets, assessing them under the new methodology instead.
Market impact
The rules take effect after the November 30 close. An existing constituent must fail screening in both of its two most recent annual filing periods before removal. Strategy and Metaplanet are potential removals in the earlier simulation, not confirmed exclusions.
Frequently asked questions
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Which companies did MSCI's simulation flag as potential removals?
The simulation using May 2026 data identified Bitcoin treasury companies Strategy (MSTR) and Metaplanet (3350) as potential removals.
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What did the simulation indicate for SharpLink?
Ethereum treasury company SharpLink (SBET) would be placed on a watchlist, rather than identified as a potential removal.
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When will MSCI publish the final list of affected constituents?
MSCI plans to publish the final list on November 11.
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What must an existing constituent fail before MSCI removes it?
It must fail the operating-assets screening in both of its two most recent annual filing periods, as well as meet the stated financial exclusion criteria.
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How will MSCI handle companies previously subject to temporary digital-asset restrictions?
MSCI will lift the temporary restrictions on companies previously identified as holding digital assets worth at least 50% of total assets and assess them under the new methodology.
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