As reported by Odaily on November 12, 2026, at 09:07 (UTC+8), MSCI had decided to remove Bitcoin treasury company Metaplanet from its Japan Small Cap Index and Strategy from its MSCI USA Index. The changes were part of MSCI’s November 2026 index review and were set to take effect after the November 30 close.
MSCI had previously said its new framework would exclude companies classified as non-operating businesses. Metaplanet CEO Simon Gerovich said the index change would not materially affect the company’s operations or Bitcoin strategy. Strategy co-founder Michael Saylor had earlier criticized what he described as MSCI’s biased value judgment toward digital assets.
The market question is whether funds tracking the affected indexes would sell Strategy shares. Such selling could add pressure to Strategy’s model of raising funds—including through common and preferred share issuance—to buy Bitcoin. Odaily, citing Bloomberg, reported that JPMorgan had estimated in 2025 that removal from relevant indexes could prompt up to $2.8 billion in Strategy share sales, potentially rising to $8.8 billion if other indexes followed. Those figures were estimates, not observed outflows.