Strategy, Metaplanet and Upexi are marked for deletion in MSCI’s final list, with changes taking effect after the Nov. 30 close.

Index provider MSCI has confirmed Bitcoin treasury company Strategy will be removed from its global equity indexes, following months of debate over whether crypto treasury firms qualify as operating businesses.

MSCI’s final list of affected securities, released as part of its November index review, lists “STRATEGY A” with the action “Deleted.” Japan’s Metaplanet and crypto treasury company Upexi are also marked for deletion, while Ether treasury firm Sharplink is on a watchlist.

Strategy shares fell 1.65% in after-hours trading on Wednesday.

The changes take effect after market close on Nov. 30, under the implementation timetable MSCI announced in October.

Removal could prompt funds tracking the affected benchmarks to sell the companies’ shares, reducing a source of passive investment demand.

As Cointelegraph reported in October, JPMorgan previously estimated that Strategy’s exclusion could trigger roughly $2.8 billion in selling.

Strategy opposed the proposal, arguing that it repackaged MSCI’s earlier effort to exclude digital asset treasury companies and injected policy judgments into index construction.

The company nevertheless played down the potential disruption. In its consultation response, Strategy said MSCI-linked funds held approximately 13 million shares, representing 3.1% of its basic shares outstanding and less than one day’s trading volume.

Related: Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule