On 11 November 2026, the first day of Web3 Week Asia in Jakarta, MSCI is due to publish a list of companies that its new index rules may push out of the Global Investable Market Indexes. Strategy and Japan's Metaplanet, two of the largest corporate bitcoin holders, were flagged in MSCI's earlier simulation.

The detail most coverage skips is the filter. A company is not tested on how much bitcoin it owns. It is tested on whether it still looks like an operating business, using five financial ratios, and existing members get a two-period buffer before removal.

The 11 November list names potentially affected companies. The sources reviewed do not say every name on it is removed on 30 November 2026.

What was decided. On 15 October 2026 MSCI adopted rules that make "non-operating" companies ineligible for its Global Investable Market Indexes, according to The Block and CryptoTicker.

Key dates. The affected-company list is due on 11 November 2026. Changes apply as of the close of 30 November 2026. That is 27 days from the decision to the list, and 19 days from the list to the effective date.

Who is named. Strategy, Metaplanet and UK-listed Yellow Cake were flagged for deletion in MSCI's May 2026 simulation, according to The Block and CryptoTimes.

Buffer. Current index members are removed only if they fail in both of their two most recent annual filing periods, according to CryptoTimes.

How the MSCI test works

The rule runs in two steps. A core screen checks whether a company holds substantial operating assets. Companies that pass are not affected. Companies that fail face five ratios: operating asset intensity, expense intensity, operating cash flow, non-operating fair value intensity and capital dependence. Four or more flags make a company ineligible, according to CryptoTimes.

Current members face looser cutoffs than new candidates; the sources reviewed give no numerical cutoffs.

It replaces interim restrictions adopted after MSCI shelved an earlier proposal on 6 January 2026, according to CryptoTimes. Why it matters: the test classifies a business by what it does, not by what it holds. A company with real revenue, costs and cash flow can pass even with bitcoin on its balance sheet. A company whose balance sheet is mostly the asset itself is the one at risk.

Why the buffer matters more than the list

The headline date is 11 November 2026, but the rule has built-in delay. CryptoTimes reports that removal on 30 November is not automatic because of the two-period buffer. Non-members, by contrast, are blocked from joining if they fail in either period.

The Block calls the rules finalized, yet its own text says the list of potentially affected companies is still due on 11 November. The decision is made; the names are not. A headline saying a specific company "will be removed" is ahead of the evidence until the list is public.

The money: an old estimate for a different rule

The figure most often repeated is a JPMorgan estimate that removing Strategy could trigger about US$2.8 billion in passive outflows, or roughly US$8.8 billion if other index providers adopted similar rules. According to CryptoTimes, JPMorgan made that estimate in late 2025, before the current framework existed, and the figure does not come from MSCI.

Strategy gives a smaller picture of exposure. According to CryptoTimes, Strategy says funds tracking MSCI's Global Investable Market Indexes hold about 13 million of its shares, or 3.1% of basic shares outstanding, which it calls less than one day of average trading volume. CryptoTicker reports a range of 3% to 4% for ETFs and funds tracking MSCI indices, and says Strategy's chief executive Phong Le expects no major share price effect. Why it matters: neither figure is a forecast of what will happen on 30 November.

The Asia angle: Japan carries the exposure

Metaplanet (TSE: 3350) is the only Asian company named in the sources reviewed. CryptoTicker reports it sits in the MSCI Japan IMI and several small-cap indices. According to CryptoTimes, it held 44,000 BTC as of 30 September 2026, while Strategy held 848,250 BTC as of its 12 October update. Both holdings figures are single-source.

The honest counterweight

Index exclusion is not delisting. CryptoTicker notes that Strategy remains listed and tradable if removed. The effect described in the sources is passive selling of shares, not a forced sale of bitcoin; none of the sources reviewed says a company must sell bitcoin because of an index change.

The price evidence is thin. According to CryptoTicker, Strategy's shares fell about 1.5% after hours in bitcoin terms following a 5.6% rise in the prior New York session, and Polymarket odds of Strategy's removal this year rose from about 80% to above 90%. These are single-source, single-session observations. They do not establish what the list or the effective date will do.

The final list may differ from the simulation. The named companies come from MSCI's May 2026 simulation. Which companies appear on 11 November 2026 is still open, and the sources do not say how newer filings change the result.

What it means for Indonesia crypto and Southeast Asia

No source reviewed names an Indonesian company in the MSCI process, and none links the rule to trading on Indonesian platforms. That link is not established.

The Indonesian market data is a separate measurement. According to OJK figures presented on 5 October 2026 and reported by Fortune Indonesia, spot crypto transaction value in August 2026 was Rp23.16 trillion, up 12.87% from Rp20.52 trillion in July 2026. Derivatives transaction value was Rp4.56 trillion, up 33.7% from Rp3.41 trillion. Consumer accounts reached 23.21 million, up 1.2% from 22.93 million.

Why it matters: these figures measure trading by Indonesian accounts under OJK supervision. They do not measure exposure to index-driven flows in listed bitcoin-treasury companies. As of 25 October 2026, OJK data for September 2026 had not been found in the sources reviewed, so the August figures remain the latest in this article.

Web3 Week Asia 2026: blockchain event in Jakarta, 11-12 November

Web3 Week Asia takes place on 11-12 November 2026 (Wednesday and Thursday) in Jakarta, with the Grand Ballroom at Kuningan City listed on the official site as the venue. The same Wednesday, 11 November, is the date MSCI is due to publish its list.

The event is organised around four tracks: Investor Meetups, Alpha Callers, Web3 Entrepreneur and Indonesia Crypto Outlook 2026. According to the organisers, the 2025 edition drew more than 5,000 participants, over 100 speakers and more than 200 companies from more than 10 countries.

The 2026 speaker line-up is listed as "to be announced soon", and no session on index rules has been announced.

Frequently asked questions

When and where is Web3 Week Asia 2026?

Web3 Week Asia 2026 takes place on 11-12 November 2026 in Jakarta, Indonesia. It is a two-day crypto and blockchain event covering markets, regulation, infrastructure and venture investment across Southeast Asia.

What did MSCI decide on 15 October 2026?

According to The Block and CryptoTicker, MSCI adopted rules that make "non-operating" companies ineligible for its Global Investable Market Indexes. Companies are screened for operating assets and then tested on five financial ratios.

When will MSCI publish the list and when do changes apply?

MSCI is due to publish the list of affected companies on 11 November 2026. The changes apply as of the close of 30 November 2026, according to CryptoTicker and CryptoTimes.

Does an MSCI index removal force Strategy to sell bitcoin?

The sources reviewed describe the effect as passive selling of Strategy shares by index-tracking funds. None says Strategy must sell bitcoin, and CryptoTicker notes that index exclusion is not a delisting.

Does the MSCI rule apply to Indonesian crypto exchanges or traders?

No source reviewed says so. The rule governs which listed companies are eligible for MSCI equity indexes. OJK transaction data for Indonesian crypto trading is a separate dataset.

Sources

The Block, MSCI finalizes index rules that put Strategy, crypto treasury firms at risk of exclusion: https://www.theblock.co/news/business/2026-10-15-msci-rules-could-exclude-strategy-mstr-from-indexes-418729

Fortune Indonesia, crypto transactions of Rp23.16 trillion, OJK data for August 2026: https://www.fortuneidn.com/market/transaksi-kripto-tembus-rp23-16-triliun-ojk-perkuat-ekosistem-00-4vfn9-g65kcl

MSCI decision, dates and filing rules: The Block (15 October 2026), CryptoTicker and CryptoTimes (16 October 2026 coverage). Strategy and Metaplanet holdings, fund-ownership figures and the JPMorgan estimate: CryptoTimes. Strategy share and Polymarket reaction: CryptoTicker. Indonesian crypto transaction data for August 2026: OJK, as presented by Adi Budiarso on 5 October 2026 and reported by Fortune Indonesia and Investortrust.

Methodology: Day counts (27 and 19 days) and the percentage changes for OJK data (12.87%, 33.7%, 1.2%) were computed from the reported values and checked against the percentages stated by the outlets. The MSCI dates were cross-checked across The Block, CryptoTicker and CryptoTimes, which agree on 15 October, 11 November and 30 November 2026. Strategy's fund-ownership share was reported differently (3.1% by Strategy via CryptoTimes, 3% to 4% by CryptoTicker) and is given as a range. Holdings figures, Strategy's share reaction and Polymarket odds are single-source and attributed. The JPMorgan estimate predates the adopted rule. Bitcoin price figures from a single weekend report were excluded because the source showed conflicting prices.

This article is for information only and is not investment advice.