MSCI confirms index removals for Strategy, Metaplanet and Upexi

MSCI has confirmed that Strategy, Metaplanet and Upexi will be removed from its global equity indexes after the market closes on November 30, 2026, while Ethereum-focused SharpLink was placed on a watchlist rather than the deletion list.

The changes were included in MSCI’s final November index review. The removals cover Strategy’s Class A shares and extend to Metaplanet in Japan and Upexi in the United States. MSCI’s review documents did not provide company-specific explanations for the deletions.

The decision means funds tracking affected benchmarks will need to adjust their holdings around the implementation date. How much they sell is not established. Strategy said in its consultation response that MSCI-linked funds held about 13 million MSTR shares, equal to 3.1% of its basic shares outstanding. That estimate describes holdings, not confirmed sales.

JPMorgan previously estimated that Strategy’s exclusion from MSCI indexes could lead to about $2.8 billion in selling. A separate $8.8 billion estimate described a broader hypothetical scenario in which other major index providers adopted similar exclusions. Both figures are projections, not reports of completed transactions.