On the evening of November 11, 2026, MSCI will announce the results of its latest global index review, an event closely watched by investors and analysts alike. The index provider’s decision could significantly impact the status of Strategies, which is facing potential exclusion from the MSCI Global Stock Index. This consideration comes as Bitcoin’s largest corporate holder has already been flagged for removal, according to previous announcements.
Previously, on October 15, MSCI disclosed that this upcoming review would present a final list of current constituents subject to reconsideration, with any deletions taking effect at the close of trading on November 30.
Notably, MSCI identified five companies that may face removal, including Strategy (MSTR) and others such as Yellowcake, Metaplanet from Japan, Skell Fjallfestingafélag from Iceland, and micro-cap Upeksi. Of these firms, Strategy is the only one classified as a large-cap stock, representing over 90% of the collective free float-adjusted market capitalization of the group. As of November 8, Strategy holds an impressive 850,364 Bitcoins, purchased at an average cost of $75,456 each.
Understanding MSCI’s Evaluation Criteria
MSCI’s review process does not specifically mention Bitcoin, but it employs financial metrics to assess companies. The evaluation begins by determining if more than 50% of a company’s operating assets are derived from its total assets. Companies that show financial instability must face five key financial ratios; if they meet four or more unfavorable conditions, they will be excluded from the MSCI Global Investable Market Indexes.
To manage turnover effectively, MSCI has set buffers: non-indexed companies cannot be added if they fail this assessment in either of the last two annual filing periods. However, existing constituents are removed only if they fail in their respective annual filings. Additionally, MSCI indicated that newer interim filings might also be relevant to its decisions.
The screening criteria adopted by MSCI serves as a nuanced alternative to direct measures focused entirely on cryptocurrencies. Initially, MSCI proposed a plan to delist firms whose digital assets constituted over 50% of their total assets in late 2025, but this plan was retracted in January 2026 in favor of broader consultations initiated in August. The revised rules are expected to eliminate interim measures by October 2025 that temporarily restricted companies involved with cryptocurrencies.
Implications of Potential Deletion
Should Strategy be removed from the MSCI index, funds that align their portfolios with the index would be compelled to sell their holdings by the close of trading on November 30. Market analysts at JPMorgan have estimated that this deletion could result in nearly $2.8 billion in outflows from passive investment funds, with a possible total outflow reaching up to $8.8 billion if other index providers choose to follow suit.
Importantly, removal from the index does not mean that Strategy’s shares will be delisted or that the company will be required to liquidate its Bitcoin assets. While the company’s stock may be affected, especially for premium strategies that rely on selling stocks to fund new acquisitions, Strategy has assured MSCI in a prior correspondence that the potential removals “will not have a material impact on Strategy’s business.” As of early November, the company had made a recent acquisition of 1,036 Bitcoins for $81.9 million, indicating its strategy to hold the asset despite fluctuations in value.
If Strategy manages to pass the most recent application but fails the previous one, it will not be completely delisted; instead, it may be placed on the watchlist. Currently, the watchlist already includes 17 other companies, such as SharpLink and Solana Company.
Additionally, Metaplanet, publicly listed in Tokyo, faces similar scrutiny following its decision to sell Bitcoin holdings to demonstrate liquidity capabilities to investors. The outcome of MSCI’s announcement will clarify whether the flagged deletions will persist or if any of the specified companies will be reinstated to their current positions.
