MSCI’s November review lists Metaplanet, a Japanese Bitcoin (BTC) treasury company, for deletion from its Japan small-cap index, with changes effective as of the close of business on Nov. 30.
The review’s Japan list records 14 additions, with Metaplanet (3350.T) as the only deletion. MSCI’s Global Small Cap list sets Oct. 20, 2026, as the price cutoff. Before implementation, MSCI may revise results for corporate events, Ineligible Alert Board treatments or other relevant adjustments.
MSCI’s Oct. 15 consultation-results announcement outlines its screen for non-operating companies. The first test is whether an issuer has substantial operating assets. Issuers that fail that review face five financial-ratio tests, with four or more flags making a security ineligible. An existing index member can be removed only if it fails the screen in each of its two latest annual filing periods.
The Global Small Cap list gives no company-specific explanation for Metaplanet’s deletion. It does not say whether the new screen, or any particular test within it, determined the company’s status.
MSCI’s current framework followed an earlier proposal focused on digital-asset treasury companies. In January 2026, the provider declined to apply that proposal and said it intended to consult more broadly on non-operating companies; it launched that consultation on Aug. 3, as EconoTimes previously reported.
A separate November change concerns Strategy’s Class A shares: MSCI’s Global Standard list names STRATEGY A among deletions from the MSCI USA Index. EconoTimes previously covered the planned removal. Both sets of changes are scheduled to take effect as of the close of business on Nov. 30.
