MSCI Adopts New Index Exclusion Rules; Strategy and Metaplanet Face Potential Removal MSCI has adopted new rules to exclude non-operating companies from its Global Investable Market Indexes. In an earlier simulation based on May 2026 data, MSCI identified Bitcoin treasury companies Strategy (MSTR) and Metaplanet (3350) as potential removals, while Ethereum treasury company SharpLink (SBET) would be placed on a watchlist. The final list of affected constituents will be published on November 11. The new rules, effective after the November 30 close, will exclude companies that fail an operating-assets test and trigger at least four of five financial exclusion criteria. Existing constituents must fail the screening in both of their two most recent annual filing periods before removal. MSCI will also lift temporary index restrictions on companies previously identified as holding digital assets worth at least 50% of total assets, assessing them under the new methodology instead.