Strategy holds hundreds of thousands of BTC and still failed to maintain its index position. The focus of this MSCI adjustment is not on how much Bitcoin a company holds, but whether these companies belong to normal operating enterprises or are closer to investment funds.

On November 11, the global index provider MSCI announced the latest index adjustment results, deciding to exclude Strategy from the MSCI USA index and to exclude Metaplanet from the MSCI Japan Small Cap index, with the adjustments effective after the close on November 30 and implemented from December 1.

This indicates that the digital asset reserve company (DAT) model is starting to face stricter qualifications under the traditional stock index system.

Previously, companies like Strategy raised funds through the issuance of stocks and bonds, using the funds to purchase Bitcoin, thereby providing traditional stock investors with an indirect way to hold crypto assets. However, MSCI believes that if a company's main assets and operations increasingly lean towards investment, its nature may be similar to that of an investment fund, which does not meet the inclusion criteria for some stock indices.

This adjustment affects not just two companies' index positions, but it may also change the way passive funds allocate to digital asset reserve companies.

From a 50% holding threshold to non-operating company screening

The examination of digital asset reserve companies by MSCI did not happen suddenly.

In October 2025, MSCI proposed a plan to exclude companies with digital assets making up 50% or more of total assets from global investable market indices. The companies of interest at that time included Strategy and Metaplanet.

MSCI's reasoning is that such companies may exhibit characteristics similar to investment funds, whereas the index system is primarily used to measure the market performance of operating companies.

However, in January 2026, MSCI decided to postpone the implementation of this separate exclusion plan for digital asset reserve companies and instead began a broader review of non-operating companies.

The finalized rules no longer simply use the ratio of digital asset holdings as the only criterion but instead focus on whether the company possesses substantial operating assets and several financial indicators.

The new rules are mainly divided into two stages:

• Operating asset screening: Assess whether the company has enough actual operating assets rather than relying mainly on investment assets.
• Financial indicator screening: Further evaluate operating asset intensity, cost structure, operating cash flow, changes in the value of non-operating assets, and the degree of dependence on external financing.

For companies already included in the index, MSCI has set up a buffer mechanism to avoid single-year data fluctuations directly leading to exclusion. Companies must not pass the relevant screening in the most recent two reporting periods to trigger exclusion.

Therefore, this adjustment does not mean that all listed companies holding large amounts of BTC will be excluded. The real scrutiny is on the overall business structure of the company and whether it still meets the index qualifications for operating companies.

Why is Strategy the focus?

Strategy is one of the most representative companies of the digital asset reserve company model.

The company raises funds through the issuance of stocks and convertible bonds and continuously invests the funds in Bitcoin. As of now, its asset structure has become highly concentrated in BTC, and its valuation is closely related to the price of Bitcoin, its financing capability, and the market premium on its stock.

However, Strategy does not agree that it belongs to an investment fund.

The company previously submitted comments to MSCI emphasizing that it still operates a business software division and views its Bitcoin reserves as an independent component of its business. Management believes that simply judging a company's nature based on asset structure may overlook its actual operating activities.

MSCI ultimately still included Strategy on the exclusion list.

Metaplanet faces a similar situation. This Japanese listed company continuously expands its Bitcoin reserves through financing, and digital assets have become an important part of its asset structure and market positioning.

The commonality between the two companies is that they are not just ordinary companies holding Bitcoin, but rather consider digital asset reserves an important part of their capital allocation and financing model.

This also presents a new classification issue for traditional index agencies: If a listed company primarily finances the purchase of digital assets through capital markets, should it be considered an operating company or more akin to an investment entity?

A potential $2.8 billion sell-off, where does the $8.8 billion risk come from?

The most direct impact of index exclusion is that passive investment funds may reduce their allocations to the related stocks.

Indices like MSCI USA are tracked by a large number of ETFs and index funds. When component stocks are removed, funds tracking the related indices usually need to adjust their holdings based on the new component weightings.

Strategy previously warned that if excluded by MSCI, it could lead to approximately $2.8 billion in stock sell-offs.

J.P. Morgan also estimated that if other index providers follow suit, Strategy could face a maximum outflow pressure of about $8.8 billion.

These two figures need to be distinguished: the $2.8 billion is Strategy's previous estimation of how it might be impacted; the $8.8 billion is J.P. Morgan's estimate of potential outflows in the scenario where other index providers take similar actions, and does not represent an actual sell-off that has occurred.

More importantly, the index exclusion affects Strategy's stock, not funds directly selling their held BTC.

However, a decrease in stock demand could have a chain reaction.

Strategy has long relied on issuing stocks and debt to raise funds, which it then uses to purchase more Bitcoin. If stock liquidity and market demand are impacted, the cost and difficulty of future financing for the company may increase, which could, in turn, affect its ability to continue expanding its BTC reserves.

This is the deeper impact of this index adjustment on the DAT model: it may change the cycle by which companies finance through capital markets and then repurchase digital assets.

DAT companies' financing model faces new tests

Recently, digital asset reserve companies have rapidly increased.

In addition to Strategy and Metaplanet, companies that use ETH, SOL, and other digital assets as reserves have also emerged in the market. They expand their holdings through equity financing, debt financing, or other capital tools, hoping to leverage the financing capability of listed companies to accumulate digital assets.

This model provides traditional investors with new exposure to crypto assets but also raises a question: When a company's valuation increasingly relies on the digital assets held, rather than on revenue from core business operations and operating cash flow, how should traditional stock indices classify it?

MSCI's adjustment provides its own judgment framework: it no longer just looks at what assets a company holds, but further examines whether the company has substantial operational activities.

This may also influence the subsequent rule-making of other index providers. If similar standards are adopted by more institutions, DAT companies will not only need to manage digital asset price volatility but also need to demonstrate that they have sustainable operating businesses and cash flows.

However, index exclusion does not mean these companies cannot continue to be listed or that their digital asset reserve model becomes immediately invalid. Actively managed funds, crypto asset investors, and other market participants can still hold the relevant stocks.

This adjustment fundamentally changes the conditions for DAT companies to enter traditional passive investment systems. In the past, the market was more concerned with how much BTC a listed company held; now, index providers are starting to question: Besides holding cryptocurrencies, what is this company operating?

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