MSCI to remove Strategy from its US index and Metaplanet from its Japan small-cap index after November 30

MSCI published its November index review on Wednesday, and two bitcoin treasury companies are on the way out. Strategy, the company led by executive chairman Michael Saylor, is being removed from the MSCI USA Index, and Japan's Metaplanet from the MSCI Japan Small Cap Index, The Block reported. investingLive, citing MSCI's review list, said Strategy will leave MSCI's Global Investable Market Indexes after the close on November 30.

The cuts follow eligibility rules for "non-operating" companies that MSCI adopted in October. The rules look at a company's operating assets and five financial measures, The Block reported. They replace temporary limits on firms holding at least half their assets in crypto. MSCI's review documents did not give company-specific reasons, according to The Block.

Strategy's leaders had called the proposed treatment of digital asset treasury companies "discriminatory." The stock fell 2.6% in after-hours trading to $119.06 after the list came out, The Block reported. Metaplanet had closed down 2.53% at 231 yen in Tokyo before the announcement. Ether treasury company Sharplink was not among the deletions in MSCI's small-cap review.

Nothing changes in the indexes until the effective date: both deletions apply after the close on November 30.