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      MSCI Implements New Rules That May Exclude Strategy and Metaplanet from Indexes

      On October 15, 2026, MSCI announced a significant update to its eligibility criteria for the Global Investable Market Indexes (GIMI), potentially impacting companies like Strategy (MSTR) and Metaplanet. The new rules classify certain non-operating companies as ineligible, which could lead to substantial outflows from these firms. JPMorgan has estimated that approximately $2.8 billion could be withdrawn from Strategy shares held by passive funds if the company is removed from the index.

      The revised framework replaces temporary measures that specifically targeted companies with significant digital asset holdings. Instead, MSCI's new criteria assess whether a company is primarily operational or merely holds assets. To qualify, a company must have more than 50% of its total assets engaged in operational activities. Additionally, firms are evaluated against five financial ratios, and those failing to meet the operating assets test and four out of five ratios may be flagged as non-compliant.

      The changes will take effect during the November 2026 index review, with the final list of affected companies expected on November 11, 2026. Exclusions will be implemented after market close on November 30, 2026. MSCI has included a buffer for companies currently in its indexes, meaning they will not be removed until they fail the tests over two consecutive annual reporting periods, allowing for interim filings to be considered.

      Both Strategy and Metaplanet have expressed concerns that the new rules disproportionately affect firms focused on digital asset treasury strategies, potentially disrupting their investment models. Despite the announcement, the market reaction has been relatively subdued, with only minor fluctuations in the shares of the companies involved, indicating that investors are awaiting the final list before making significant moves.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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