Strategy, Metaplanet to Exit MSCI Indexes Nov. 30

MSCI's non-operating company screen is doing what its name implies: treating bitcoin-holding treasuries less like operating businesses and more like investment vehicles, and index inclusion follows that classification. The asymmetry matters — Strategy being the sole U.S. deletion not demoted to small cap suggests the screen, not size, is driving the outcome. For the companies, this changes who holds their shares by mandate rather than by conviction. Whether other index providers apply similar screens, and whether the affected names reclassify or restructure to regain eligibility, is the open question.