MSCI approves rules that could eject Strategy, Metaplanet from equity indexes

"The MSCI episode highlights a growing tension between traditional index construction and the rise of companies that treat Bitcoin as a core treasury asset rather than a secondary holding,” decentralized infrastructure network ZEROBASE said on X. “Passive capital has become an important source of demand for these stocks; any sustained reduction in that bid could tighten the equity-issuance window that several of them rely on to fund further purchases."

The risk is biggest for Tysons Corner, Virginia-based Strategy, the largest publicly listed bitcoin holder, with 848,250 BTC worth about $69.67 billion, according to Bitcoin Treasuries. It tends to fund its purchases by selling preferred shares such as STRC and STRK.

JPMorgan analysts have estimated that index exclusion could trigger outflows of about $2.8 billion from MSTR stock. The shares closed at $151.29 on Thursday, down about 72% from their record high of $543 in November 2024. Tokyo-based Metplanet, which closed at 277 yen ($1.75) on Friday, peaked at 1,930 yen in June 2025, according to TradingView.

Any selling would hit the shares, not bitcoin. The funds would be dumping the stock, which does not necessarily mean Strategy would sell its bitcoin.

But weaker demand for the shares could make it harder for these companies to raise the money they use to buy more bitcoin, a strategy they have long pursued to stack up more coins.