MSCI Rules Put Crypto Treasury Stocks at Risk of Index Removal

| cryptobriefing.com
MSCI has adopted new eligibility rules for its Global Investable Market Indexes that could affect digital-asset treasury companies, including Strategy (MSTR), Metaplanet and Upexi (UPXI). Companies must have more than 50% of assets classified as operating assets and meet five financial tests. Existing constituents generally need to fail at least four tests over two annual reporting periods before removal. SharpLink (SBET), TON Strategy Company (TONX), Solana Company (HSDT) and DeFi Development Corp. (DFDV) are also on a watchlist. MSCI plans to publish its final list on November 11, with changes taking effect after the November 30, 2026 review. JPMorgan’s earlier estimate of $2.8 billion in potential Strategy share selling was based on a previous proposal, not the adopted rules. Strategy said MSCI-tracking funds held about 13 million shares, or 3.1% of its basic shares outstanding and less than a day’s trading volume. MSCI’s decision could weigh on affected stocks if index-tracking funds sell, although the market response has been muted so far. The direct effect on cryptocurrency prices remains uncertain.
Neutral
The news chiefly concerns the share eligibility of digital-asset treasury companies, not a change in the fundamentals or supply of the cryptocurrencies they hold. In the short term, potential index-driven selling could increase volatility in affected stocks and influence sentiment around crypto treasury firms. However, Strategy’s disclosed index-fund holdings represent less than one day’s trading volume, and the widely cited $2.8 billion estimate was based on an earlier proposal, so it should not be treated as a confirmed selling forecast under the adopted rules. The final list is still pending, leaving room for uncertainty and position adjustments. Over the longer term, any impact on BTC, SOL or TON would depend on whether index-related pressure changes these companies’ ability or willingness to buy and hold tokens. The summaries provide no evidence of such a direct change, so the expected price impact on the mentioned cryptocurrencies is neutral.