MSCI announced on 15 October 2026 (20:48 GMT) that it will implement its consultation proposal — with minor modifications — to define and classify non-operating companies as ineligible for inclusion in the MSCI Global Investable Market Indexes.
The changes will be implemented as part of the November 2026 Index Review, taking effect as of the close of 30 November 2026.
MSCI’s announcement names no companies. Nothing has been removed from any index yet. A final list of potentially affected current constituents is due on 11 November 2026.
How the new screens work
Beyond investment funds, business development companies and other passive vehicles already ineligible, MSCI will identify other corporate issuers with similar characteristics through quantitative screens:
- An initial core screen for whether an issuer has substantial operating assets
- For issuers that fail that screen, an exclusion screen based on five non-industry-specific financial ratios — a security is ineligible if flagged on four or more of the five ratios
To reduce turnover, MSCI says buffers will apply to ratio thresholds and to timing:
- Non-constituents are barred from addition if they fail the ineligibility screen in either of their two most recent annual filing periods
- Current constituents are removed only if they fail in each of the two most recent annual filing periods
- MSCI may also use the most recent interim filing if available
Further methodology detail sits in Appendix I of the MSCI Global Investable Market Indexes methodology, per the announcement. A list of current constituents that “will potentially be impacted” is pointed to on MSCI’s index-consultations page, with the final list on 11 November 2026.
Digital-asset interim measures end
In the same determination, MSCI will discontinue, effective with the November 2026 Index Review, the interim measures announced on 10 October 2025 for a preliminary list of companies whose digital asset holdings were 50% or more of total assets — including the freeze on number-of-shares / inclusion-factor increases and the deferral of additions and size-segment migrations. Going forward, eligibility for all such companies will be assessed under the new non-operating-company methodology above.
Who is said to be at risk — attributed to The Block and Bloomberg
MSCI itself does not name Strategy, Metaplanet or any other issuer in this results announcement.
The Block reported that the rules could put Strategy (MSTR), Metaplanet and others at risk of exclusion, noting that Strategy, Metaplanet and Yellow Cake were flagged in a May 2026 simulation, and that Ethereum treasury firm SharpLink could also be affected. The Block also notes MSCI’s 11 November final-list date.
Bloomberg reported (David Pan, 15 October 2026) that the decision moves Michael Saylor’s Strategy toward a possible index exit — framing the company as at risk under the new rules rather than as already deleted. Per that reporting line, the rules do not immediately remove Strategy; any deletion would follow the review process and screens above.
TSN is not stating that Strategy or Metaplanet have been removed, and is not publishing estimated index-outflow figures.
Why it matters
Index eligibility is plumbing for passive capital. A ruleset that can treat bitcoin-heavy treasury companies as “non-operating” for GIMI purposes — once interim digital-asset freezes are retired — is a structural story for crypto-equity vehicles, even before a single name is deleted. The two-period buffer for current constituents means a first fail is not automatic ejection; the 11 November list is the next hard checkpoint.
What’s still unknown
- Which securities appear on MSCI’s 11 November final impacted list
- Whether Strategy, Metaplanet or others ultimately fail two consecutive periods
- How large any forced selling from index trackers would be (not quantified here)
What to watch
Watch MSCI’s 11 November 2026 Index Review announcement and the companies’ own filings used in the two-period test.
What this means
- Rules confirmed: non-operating-company screens into GIMI from the close of 30 November 2026.
- MSCI names no companies in the results note; nothing removed yet.
- Strategy / Metaplanet “at risk” is The Block’s and Bloomberg’s reporting, not an MSCI naming in this announcement.
Sources
- MSCI, “MSCI Announces Results of the Consultation on the Eligibility of Non-Operating Companies in the MSCI Global Investable Market Indexes”, 15 October 2026, 20:48 GMT
- The Block, Jason Shubnell, “MSCI finalizes index rules that put Strategy, crypto treasury firms at risk of exclusion”, 15 October 2026
- Bloomberg, David Pan, “Saylor’s Strategy at Risk of MSCI Index Removal After Rule Change”, 15 October 2026
Related stories
- Strategy Buys 250 BTC, Taking Holdings to 848,250 BTC, and Repurchases $192.4M of STRC Preferred Stock
- Metaplanet to Issue ¥52bn of Zero-Coupon Convertible Bonds to Cut Bitcoin-Backed Debt and Buy Back Shares
- Strive Buys 3,311 Bitcoin, Taking Its Holdings to 32,773 BTC
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