MSCI has adopted new index exclusion rules, removing non-operating companies from its Global Investable Market Indexes. Previously, simulations based on May 2026 data indicated that Bitcoin holders MicroStrategy (MSTR) and Metaplanet (3350) might be removed, while Ethereum holder SharpLink (SBET) would be placed on a watch list. The final list of affected constituents will be announced on November 11, with the new rules taking effect after the close of trading on November 30.

The new rules will exclude companies that fail the operating assets test and trigger at least four of the five financial exclusion criteria. Existing constituents must fail the screening in both of their two most recent annual reporting periods to be removed. MSCI will also lift temporary index restrictions on companies previously identified as holding 50% or more of their total assets in digital assets, instead evaluating them under the new methodology.