What did MSCI decide?

MSCI adopted eligibility rules for non-operating companies. They use an operating-assets screen and five financial ratios, with buffers on both thresholds and timing, and replace the earlier interim limit aimed at firms with 50% or more of total assets in digital assets.

Will Strategy be removed from MSCI indexes?

Not confirmed. The May 2026 simulation flagged Strategy, but a current constituent is removed only if it fails the screen in each of the two most recent annual filing periods. MSCI is due to publish the list of potentially affected companies on Nov. 11.

When do the rules apply?

The methodology takes effect with the November index review, according to The Block's report of MSCI's update.

MSCI's final rules put crypto treasury firms on index

MSCI's two-stage screen replaces its crypto-specific limit; Strategy and Metaplanet were flagged in a simulation, with a list due Nov. 11.

MSCI has finalized eligibility rules that could remove Strategy, Metaplanet and other crypto treasury firms from its indexes if they fail operating-asset and financial-ratio screens over their two most recent annual filing periods. The rules take effect at the November review, and MSCI is due to publish the affected list on Nov. 11.

The Ledger Desk October 16, 2026 Updated October 16, 2026 · 3 min read

MSCI replaced its interim digital-asset test (holdings of 50% or more of total assets) with a general screen for non-operating companies.
The test looks at the two most recent annual filing periods: non-constituents are ineligible if they fail in either, while current constituents are removed only if they fail in each.
A May 2026 simulation flagged Strategy, Metaplanet and Yellow Cake; The Block says SharpLink could also be affected. The simulation is not a decision.
MSCI's final list of potentially affected companies is due Nov. 11, and the methodology applies from the November index review.
The rule is structural rather than crypto-specific, so treasury companies can test their own filings against it before the list is published.

MSCI has turned a crypto-specific restriction into a general rule, and that changes the risk for listed treasury companies. According to The Block's Oct. 15, 2026 report, MSCI published the final non-operating company rules after a consultation, and they take effect at the November index review. The firms named so far, Strategy, Metaplanet and Yellow Cake, come from a May 2026 simulation rather than a final decision. The binding date to watch is Nov. 11, when MSCI is due to publish its list.

How the screen works

The new test looks at what a company does, not which asset it holds. Per The Block, MSCI assesses operating assets and five financial ratios, and applies buffers to both the ratio thresholds and the timing of inclusion and removal to limit index turnover. This replaces the interim rule that targeted firms with digital assets at or above 50% of total assets, so the mechanism is now financial structure rather than a crypto label.

Removal needs failure across two filing periods

The two-period design is the main brake on abrupt exclusions. As reported by The Block, non-constituents are ineligible for addition if they fail the screen in either of their two most recent annual filing periods, while current constituents are removed only if they fail in each of the two. The Block adds that MSCI may use the latest interim filing where one exists. The asymmetry makes it harder to leave an index than to join one.

Who is exposed so far

The exposure list is still provisional. The Block reported that a May 2026 simulation flagged Strategy, Metaplanet and Yellow Cake, and that SharpLink could also be affected. The Block also reports that Strategy's leadership called the proposal discriminatory against digital asset treasuries; that is the company's position, not a finding. Whether any name is actually removed will depend on its filings under the final rules, which is why the Nov. 11 list matters more than the simulation.

What it means for treasury companies

For a deals-led desk, the practical shift is that index eligibility becomes a rule-based question that companies can test in advance. Because the screen reads operating assets and five ratios rather than a crypto label, a firm's own filings determine the outcome. This article does not quantify any effect on funding costs or share prices, since the cited reports do not, and any such effect would need separate evidence.

What to watch next

Treasury and finance teams should map their filings against the operating-assets screen and the five ratios now, because the test reads annual and, where available, interim filings. Watch three things: MSCI's Nov. 11 list, any company moves to change its operating mix or balance sheet, and whether other index providers adopt similar screens. None of these is confirmed yet, and the outcome for each named firm remains open until the list is published.

What did MSCI decide?: MSCI adopted eligibility rules for non-operating companies. They use an operating-assets screen and five financial ratios, with buffers on both thresholds and timing, and replace the earlier interim limit aimed at firms with 50% or more of total assets in digital assets.
Will Strategy be removed from MSCI indexes?: Not confirmed. The May 2026 simulation flagged Strategy, but a current constituent is removed only if it fails the screen in each of the two most recent annual filing periods. MSCI is due to publish the list of potentially affected companies on Nov. 11.
When do the rules apply?: The methodology takes effect with the November index review, according to The Block's report of MSCI's update.

MSCI finalizes index rules that put Strategy, crypto treasury firms at risk of exclusion — The Block
Strategy, Metaplanet could face MSCI index removal under new proposal — The Block

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