MSCI Excludes MicroStrategy (MSTR.US): Compliance Pain for Crypto Asset Management Under New Rules

According to Woofun AI, the November 2026 index evaluation results announced by MSCI showed that Strategy (MSTR.US) and Tokyo-listed Metaplanet are facing the fate of being excluded from the MSCI US Index and the MSCI Japan Small Cap Index respectively. This change will take effect after the market closes on November 30, 2026.

The adjustments follow MSCI's new regulatory rules for cryptocurrency asset managers in October, which focus on evaluating whether the company has sufficient operating assets through five financial ratio tests. If a company fails to meet at least four criteria for multiple consecutive fiscal years, it risks being excluded from the MSCI Global Investment Eligibility Index system. Among the specific index changes, 13 securities will be included in the MSCI Global Investment Eligibility Index, and only 100 will be removed; while the MSCI World Index, measured by total market capitalization, will add two new companies: US Modena (MRNA.US) and Canada's Aritzia. Since global mutual funds and ETFs all use such indices as the basis for constructing portfolios, once a company is excluded, it will directly impact capital flows and stock price performance.

According to data compiled by Woofun AI, Strategy purchased 1,036 BTC at an average price of $79,012 between November 2 and 8, 2026. As of November 12, its total holdings reached 850,364, and revealed that it had approximately $5.5 billion in dollar reserves.

However, as the BTC price recently fell below $75,000, Strategy's BTC assets have generated $500 million in unrealized losses. Strategy shares (MSTR.US) fell 7% on Thursday, and BTC fell 3.5% over the same period. This indicates that traditional index compilers are shifting the screening criteria for cryptographic native assets from simple market capitalization to more stringent financial soundness assessments. Raising the compliance threshold may accelerate the differentiation of the crypto asset management industry.