MSCI announced final rules that could remove Strategy and Metaplanet from its global equity indexes after the close of trading on Nov. 30. The firms will be named on Nov. 11. MSCI, one of the world's largest index providers, finalized rules proposed in August that target companies holding investments rather than operating a core business. The change applies to firms that fail a two‑step test: first, whether they possess substantial operating assets, and second, whether they meet four of five financial ratios. A company must fail the screen in each of its two most recent annual filings to be removed, and it must fail in either of those periods to be barred from joining. In a test using May 2026 data, MSCI flagged Strategy, Metaplanet and Yellow Cake for possible exclusion. MSCI is also ending temporary measures from October 2025 that had frozen index‑size adjustments for firms with digital assets comprising 50% or more of total assets. Strategy, based in Tysons Corner, Virginia, holds about 848,250 BTC valued at roughly $69.67 billion, making it the largest publicly listed bitcoin holder. Metaplanet, headquartered in Tokyo, closed at 277 yen on Friday, having peaked at 1,930 yen in June 2025. JPMorgan analysts estimated that exclusion could trigger about $2.8 billion in outflows from Strategy's stock, though such sales would affect the company's shares, not its bitcoin holdings. The exclusion could tighten the equity‑issuance window for these firms, potentially making it harder to raise capital for further bitcoin purchases. Strategy's founder, Michael Saylor, describes the company as an operating business with a software division and a separate bitcoin treasury segment, rejecting comparisons to investment funds. The firm sells business‑intelligence software to clients such as Coca‑Cola and Porsche. MSCI's decision reflects growing tension between traditional index construction and companies that treat bitcoin as a core treasury asset rather than a secondary holding, according to ZEROBASE, a decentralized infrastructure network.