MSCI has finalized new rules for non-operating companies. The rules could result in crypto treasury firms such as Strategy, Metaplanet and SharpLink being removed from MSCI indexes. The final list of affected companies is due on Nov. 11.

MSCI has proposed changes to its index construction rules that would apply a new screen for nonoperating companies. If adopted, bitcoin-investment-focused firms such as Strategy and Metaplanet could be classified as nonoperating entities and removed from MSCI global indexes. Any such changes could affect holdings by passive funds that track MSCI benchmarks and add pressure to the stocks. The proposal is currently out for consultation and no final decision has been made.