MSCI builds the stock indexes that pension funds and ETFs copy, like the MSCI World. If a company drops out, the funds tracking those indexes have to sell its shares.

MSCI just flagged 14 crypto treasury companies for removal under its new "non-operating companies" rule, and every one with usable data trades below the value of its crypto.

Strategy, Metaplanet and Upexi are flagged for deletion, 11 more sit on the watchlist. Final list Nov 11, effective after the Nov 30 close.

Before crypto, they were a hotel operator, three biotechs, a pet-products brand and a sports-betting marketer. Miners like MARA and Riot aren't on the list: they run real businesses.

Not crypto-only: a uranium holder and an Icelandic investment firm are flagged too.