MSCI to Remove Strategy, Metaplanet, Yellow Cake From Global Indexes Nov 30

This is the first time index mechanics, not markets, have repriced the crypto treasury model: MSCI's "non-operating company" label effectively treats bitcoin-heavy balance sheets as funds rather than businesses, and the forced passive selling in MSTR shows that index inclusion was itself a demand source that the model depended on. The read-across matters more than the three names — any listed company whose assets are mainly crypto now faces a structural, rules-based buyer base that can exit on a calendar date. The open question is whether other index providers adopt similar definitions, and whether DATs respond by changing what they hold or how they present it.