MSCI is removing Strategy and Metaplanet from its indexes in the November review, The Block reported on November 11. Strategy (MSTR) leaves the MSCI USA Index and Metaplanet (3350.T) leaves the MSCI Japan Small Cap Index. Changes take effect at the close on November 30.
The Block said the removals follow new MSCI eligibility rules for “non-operating companies” adopted in October, which screen operating assets and five financial measures. MSCI’s review documents gave no company-specific reasons. Ethereum treasury firm Sharplink was not on the November small-cap deletion list. The Block added that Strategy executives Michael Saylor and Phong Le previously called MSCI’s proposed treatment of digital asset treasuries “discriminatory.” MSTR fell 2.6% after hours to $119.06, and Metaplanet closed down 2.53% at 231 yen before the announcement.
On possible outflows, crypto.news reported that JPMorgan analysts estimated index-tracking funds could sell about $2.8 billion of MSTR if it were removed, an estimate based on an earlier draft of the rules. According to the same report, passive funds held roughly 13 million MSTR shares, about 3.1% of basic shares outstanding, worth about $1.57 billion at the November 10 close. That is a market value, not confirmed selling.
Commentator Adrian Morris said on X that a drop may follow but is “likely priced in, not a terminal event,” crypto.news reported.
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Sources:
The Block: Strategy, Metaplanet lose MSCI index membership in November reshuffle
crypto.news: Strategy’s MSCI exclusion could trigger billions in MSTR selling
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