MSCI Consultation Could Exclude Strategy and Metaplanet From Global Indexes

MSCI targets bitcoin treasuries

MSCI has opened a new consultation that could exclude so-called "non-operating companies" from its Global Investable Market Indexes, putting bitcoin treasury firms Strategy and Metaplanet back in its crosshairs.

CoinDesk says the proposed rules would use a two-step screen based on whether operating assets exceed 50 percent of total assets and on five financial ratios, with companies failing at least four of the ratios deemed ineligible for index inclusion.

If applied to current data, the screen would have led to the removal of Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI Index, according to a May 2026 simulation described by CoinDesk.

The same CoinDesk report says MSCI is seeking feedback through Sept. 30 and that results are expected roughly two weeks later on Oct. 16, with any changes folded into the November 2026 index review if adopted.

CoinDesk also reports that Strategy has accumulated a total of 840,447 BTC ($53.18 billion) since 2020, while Metaplanet has snapped up 43,000 BTC, worth over $2 billion, and Yellow Cake is a listed holder of uranium rather than bitcoin.

Reporting for this sectionCoinDesk

How the screen works

The consultation described by Crypto News says MSCI proposes a two-stage test in which a company first passes automatically if operating assets exceed 50% of total assets, and companies below that level move to a second assessment. Crypto News adds that an issuer would be treated as a non-operating company if it triggers at least four of five flags covering operating asset intensity, expenses, operating cash flow, non-operating fair value changes, and reliance on financing for asset accumulation. For existing constituents, Crypto News says MSCI proposes less restrictive thresholds and requires failure in two consecutive annual reviews before deletion, while new candidates would need to fail only the latest review to become ineligible for addition.

Crypto News reports that using May 2026 data, MSCI’s simulation would remove Strategy, with a free float adjusted market capitalization of $23.93 billion, Yellow Cake at $1.81 billion, and Metaplanet at $654 million. The same Crypto News report says SharpLink would instead enter a public watchlist because the simulation found only one qualifying period of failure, and it notes that MSCI explicitly warns the consultation "may or may not" result in the proposed changes.

Reporting for this sectionCrypto News

What happens next for investors

Bitcoin Foundation says MSCI plans to implement the proposals at the November 2026 Index Review, at which Strategy and Metaplanet would be deleted from all Global Investable Market Indexes if enacted.

The Bitcoin Foundation report says MSCI is still seeking feedback until Sept. 30 and is expected to announce the outcome on or around Oct. 16, while also cautioning that the consultation does not guarantee any or all of its proposed changes.

It also says the updated rule is broader than a previously proposed MSCI rule allowing a crypto-specific threshold limited to treasury businesses of digital asset companies, which was scrapped in February after concerns about whether a simple asset test could distinguish operating companies from investment vehicles.

Bitcoin Foundation reports that passive funds tracking affected MSCI benchmarks may be forced to sell if Strategy and Metaplanet are removed, but it adds that MSCI has not provided an estimate of the selling pressure.

During the earlier crypto treasury debate, Bitcoin Foundation says JPMorgan estimated that, in the absence of Strategy, there would be $2.8 billion of passive selling pressure, while also stating that this estimate was based on the prior methodology and not a forecast for the current consultation.

Reporting for this sectionBitcoin Foundation