MSCI has published the results of its November 2026 Index Review, with Strategy among the companies set to leave the MSCI USA Index.
Metaplanet, the Tokyo-listed Bitcoin treasury company, is also scheduled for removal from the MSCI Japan Small Cap Index.
The changes will take effect after the market close on November 30, 2026.
Across the MSCI ACWI Index, 13 securities will be added and 100 deleted. The two additions to the MSCI World Index, measured by full company market capitalization, are Moderna (USA) and Aritzia (Canada).
Crypto treasury companies under pressure
The latest review follows the new rules proposed by MSCI in October, among which are new measures regarding crypto treasury holding companies.
MSCI evaluates whether a company maintains substantial operating assets and applies five financial ratio tests. In case a company fails to meet at least four criteria,
A company that fails at least four criteria across consecutive annual reporting periods may face removal from the MSCI Global Investable Market Indexes.
MSCI indexes track public companies based on market cap and investment risks. Global mutual funds and ETFs use these benchmarks to build their portfolios.
Dropping out of such index could influence investment flows as well as stock prices.
Strategy buys BTC despite growing losses
Strategy continues to accumulate BTC despite the crypto market staying in red zone.
Between November 2 and November 8, 2026, the company acquired another 1,036 BTC at an average price of $79,012.
As of November 12, Strategy holds 850,364 BTC. The company also reported about $5.5 billion in USD reserves.
However, Bitcoin's recent decline below $75,000 pushes Strategy's holdings into an unrealized loss of $500 million.
Strategy's stock (MSTR) fell 7% on Thursday, while Bitcoin is down 3.5% at the time of writing.