Index provider MSCI is removing Upexi from its USA Micro Cap Index. The US-listed company held about 2.3 million SOL at its June fiscal year-end, according to its annual results. Upexi is the only Solana treasury company deleted in MSCI's November 2026 index review, published on 11 November 2026 and the first review to apply MSCI's new rule for "non-operating" companies. Two other Solana treasury firms, Solana Company (HSDT) and DeFi Development Corp. dfdvSOL$92.01-1.0% (DFDV), sit on MSCI's watchlist and stay in its indexes for now.
Upexi leaves the MSCI USA Micro Cap Index after the 30 November close
MSCI's announcement says all changes take effect as of the close of 30 November 2026. Upexi's removal comes from MSCI's final list of affected securities: according to Cointelegraph's reading of that list, Strategy, Metaplanet and Upexi are marked for deletion, while Ether treasury firm SharpLink is on the watchlist.
A breakdown of MSCI's spreadsheet published by cryptonews.net lists 25 securities: six deletions and 19 watchlist names. Upexi appears as a USA Micro Cap deletion with a float-adjusted market cap of $36.3 million, measured on 20 October 2026 market data. The decision was not a surprise. Bitcoin Magazine reported that MSCI's draft list, published with the rule in October, already marked "micro-cap Upexi" as deleted.
For Upexi, the change is about eligibility more than money. A $36.3 million float-adjusted value is a small slice of any index, and MSCI's spreadsheet does not say how much passive selling the deletion triggers.
How MSCI's non-operating company test works
MSCI adopted the methodology on 15 October 2026, The Block reported, replacing interim restrictions on companies whose digital assets made up at least 50% of total assets. The new test screens a company's operating assets and five financial ratios, and a company that fails at least four of the five can be ruled ineligible, according to Cointelegraph.
MSCI's test also runs over time. Companies already in an index are removed only if they fail the screen in each of their two most recent annual filing periods, per The Block. Companies outside the index are barred from joining if they fail either period. MSCI does not publish which tests an individual company failed, so the ratios that caught Upexi are not public.
Upexi puts almost all of its treasury to work. Its fiscal 2026 results showed about 95% of its 2.34 million SOL staked as of 30 June 2026, earning rewards for helping secure the network. Digital asset revenue, mostly staking income, reached $17.4 million for the year. The same results recorded a $246.1 million net loss, driven largely by unrealised losses on its digital assets, and CEO Allan Marshall said management expects staking revenue to exceed ongoing cash operating expenses from the current quarter. We covered how Upexi put part of that treasury to work with Blueprint in June.
Solana Company (HSDT) and DeFi Development (DFDV) on MSCI's watchlist
MSCI's watchlist holds companies that have failed at least one test but not yet the two that trigger removal, as cryptonews.net describes the spreadsheet. Cointelegraph named Solana Company (HSDT) and DeFi Development Corp. (DFDV) among the watchlist companies when the rule was adopted in October, and both appear there on the final list: Solana Company with a float-adjusted value of $61.0 million and DeFi Development with $43.6 million, per cryptonews.net.
Both stay in MSCI's indexes after 30 November. Under the two-period rule, either would be deleted only if it fails the screen again in its next annual filing period.
Other Solana treasury companies, including Forward Industries, Sharps Technology and SOL Strategies, are not named among the deletions or the watchlist in the reports reviewed for this article.
Strategy and Metaplanet deletions set the scale
The headline removals are much larger. MSCI is deleting Strategy from its USA Index and Metaplanet from its Japan Small Cap Index at the close of 30 November, The Block reported, and Strategy's shares fell 2.6% in after-hours trading to $119.06. Strategy's float-adjusted value on MSCI's spreadsheet was $37.26 billion, about a thousand times Upexi's, per cryptonews.net.
Cointelegraph reported that JPMorgan had estimated Strategy's exclusion could trigger roughly $2.8 billion in selling, while Strategy said MSCI-linked funds held about 13 million of its shares, or 3.1% of its basic shares outstanding. When MSCI adopted the rule in October, Conner Brown of the Bitcoin Policy Institute told Cointelegraph that it "removes a company from the default portfolios of tens of millions of people who never chose to remove it."
From Russell Microcap entry to MSCI deletion in five months
Five months before the MSCI deletion, Upexi joined the Russell Microcap Index, effective 29 June 2026, alongside Forward Industries' entry to the Russell 2000 and 3000, as we reported in our coverage of the Russell reconstitution. Marshall called the Russell inclusion "a meaningful milestone" in Upexi's 26 June press release.
Russell and MSCI are separate index families with separate rules, so the two decisions answer different questions. MSCI's new screen asks whether a company's assets and income come from an operating business, and Upexi did not pass it.
What to watch for Solana treasury companies in MSCI indexes
The next test for Solana Company and DeFi Development is their next annual filing period: failing MSCI's screen again would move them from the watchlist to deletion. Readers following Upexi can check whether its staking revenue covers its cash costs, as Marshall expects, and how that shows up in later filings.
