MSCI Confirms Metaplanet's Removal From Japan Small Cap Index

MSCI confirmed it will remove Metaplanet from its Japan Small Cap Index after the Nov. 30 close, setting a date for an index change affecting the Japanese Bitcoin treasury company's benchmark membership.

Metaplanet (3350.T) is the sole deletion in Japan's portion of MSCI's November global small-cap review. The review adds 14 companies to the Japanese index and removes one. MSCI based the changes on price data from Oct. 20.

The review follows MSCI's October adoption of a policy for non-operating companies. The policy assesses substantive operating assets and applies five financial-ratio tests; a company that meets four tests loses index eligibility. Metaplanet's removal is part of the November review under that policy.

MSCI's November review also removes Strategy from MSCI USA. MSCI had postponed removing Strategy in January while freezing increases to its index share count. The November review marks the scheduled removal of both Bitcoin treasury companies from their respective benchmarks.