CoinGape and Cointelegraph agree MSCI adopted new exclusion rules affecting crypto treasury firms, but they disagree on whether Upexi faces confirmed removal or merely watchlisting, and on which companies make up the watchlist.
CoinGape and Cointelegraph agree MSCI adopted new exclusion rules affecting crypto treasury firms, but they disagree on whether Upexi faces confirmed removal or merely watchlisting, and on which companies make up the watchlist.
What all sources agree on
- MSCI has adopted a proposal/methodology to exclude non-operating companies from its global index.
- Strategy and Metaplanet face potential removal under the new methodology.
- The methodology assesses companies based on five financial ratios, with failing at least four of five leading to potential exclusion.
- MSCI will release the final list of affected companies on November 11.
- DeFi Development Corp. is mentioned in connection with the watchlist.
Where the reports disagree
1Whether Upexi faces confirmed removal or is only on the watchlist
The firm also pointed to a list of companies that could be impacted by this methodology, with Strategy and Metaplanet facing removal in this simulation. Meanwhile, crypto treasury firms such as Bitmine, Upexi, Cypherpunk Technologies, and DeFi Development are on the watchlist.
CoinGape2026-10-16 00:10
Strategy, Metaplanet and Upexi were previously identified for deletion under the methodology, with MSCI set to announce its final list on Nov. 11.
Cointelegraph2026-10-16 00:48
What would settle it: MSCI's official index review documentation or announcement naming companies flagged for deletion versus watchlist status.
2Composition of the watchlist
crypto treasury firms such as Bitmine, Upexi, Cypherpunk Technologies, and DeFi Development are on the watchlist.
CoinGape2026-10-16 00:10
Sharplink, Inc (SBET), Ton Strategy Company (TONX), Solana Company (HSDT) and DeFi Development Corp. (DFDV) are among companies that would be put on a “watchlist” for potential removal.
Cointelegraph2026-10-16 00:48
What would settle it: MSCI's official index review documentation or announcement listing watchlisted companies.
What to make of it
Treat as established that MSCI has adopted new rules targeting non-operating companies and that Strategy and Metaplanet face potential removal, with a final list due Nov. 11; do not treat the specific names on the 'removal' versus 'watchlist' categories—particularly Upexi's status—as settled until MSCI's own announcement is published.
Treat as established that MSCI has adopted new rules targeting non-operating companies and that Strategy and Metaplanet face potential removal, with a final list due Nov. 11; do not treat the specific names on the 'removal' versus 'watchlist' categories—particularly Upexi's status—as settled until MSCI's own announcement is published.