Strategy to Leave MSCI Indexes By Month End, Metaplanet Also Out

MSCI, whose stock indexes many passive funds track, published the results of its November 2026 index review on Wednesday, Nov. 11, and Strategy is among the companies leaving the MSCI USA Index. Metaplanet, the Tokyo-listed bitcoin treasury company, is set to exit the MSCI Japan Small Cap Index, according to MSCI’s small cap list. Both changes take effect at the close of business on Nov. 30, 2026.

The deletions are the first since MSCI adopted its non-operating company screen on Oct. 15. MSCI’s final list of securities hit by the screen marks six for deletion in this review: Strategy, Metaplanet, Yellow Cake, Skel Fjarfestingafelag, Agronomics and Upexi. Another 19 are on a watchlist. MSCI said results may still be updated for corporate events that occur before the effective date.

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Michael Saylor’s Strategy appears on the list as “STRATEGY A.” By Unchained’s count, MSCI is removing 24 securities from its USA Index this round, against a single addition, Moderna. The small cap list adds 23 of those 24 to the MSCI USA Small Cap Index; Strategy is the only one leaving MSCI’s U.S. indexes outright. Across the MSCI All Country World Index (ACWI), the review makes 13 additions and 100 deletions, per MSCI’s review announcement.

When MSCI tested its proposal on May 2026 data in the August consultation, Strategy’s float-adjusted market value, meaning the value of shares available to public investors, came to about $23.9 billion. That was nearly 10 times the combined figures for Yellow Cake, a London-listed uranium holder, and Metaplanet, by Unchained’s calculation from MSCI’s numbers. Yellow Cake is also on Wednesday’s UK Small Cap deletion list.

For a company already in an index, one bad year isn’t enough: MSCI drops it only after it fails the screen in two straight annual filings. The test starts with the balance sheet. A company whose operating assets make up too small a share of its total assets is then scored on five financial ratios, and failing four or more rules it out. It takes the place of the stopgap MSCI imposed in October 2025 on companies whose crypto made up at least half their balance sheet.

Strategy has said the forced selling would be limited: in its August submission it put MSCI-tracking funds’ stake at about 13 million shares, or 3.1% of basic shares. The only outside estimate of the selling, about $2.8 billion from JPMorgan, dates from late 2025 and was built for the digital-asset rule MSCI later dropped, Unchained reported in August.

Related Listen: Why Lyn Alden Says Strategy Let Its Dollar Reserve Slip Too Far

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