MSCI’s Latest Proposal Threatens to Exclude Strategy and Metaplanet From Key Global Benchmarks

Key Takeaways

• MSCI has launched a consultation to potentially exclude “non-operating companies” from its Global Investable Market Indexes through new eligibility criteria
• Bitcoin treasury firms Strategy and Metaplanet have been identified as candidates for exclusion in simulation testing
• Testing conducted with May 2026 data indicates both firms would lose their positions in the MSCI ACWI IMI Index
• The proposed framework evaluates companies using five distinct financial metrics rather than focusing solely on cryptocurrency exposure
• Industry stakeholders have until September 30 to submit feedback, with final decisions anticipated October 16 and potential implementation in November 2026

Major index compiler MSCI has unveiled a new screening framework that threatens to exclude bitcoin-holding corporations Strategy and Metaplanet from its suite of Global Investable Market Indexes.

The consultation, launched earlier this month, focuses on identifying and potentially removing what MSCI characterizes as “non-operating companies.” The framework employs five distinct financial metrics to assess whether firms meet the standards for continued index participation.

Simulation analysis based on May 2026 financial data revealed that Strategy, Metaplanet, and uranium investment vehicle Yellow Cake would lose their positions in the MSCI ACWI IMI Index if the proposed criteria are implemented. Meanwhile, SharpLink, Center Laboratories, and Lydia Holding would be added to a publicly available monitoring list.

Strategy currently maintains a treasury of 840,447 Bitcoin, valued at approximately $53.18 billion, establishing it as the world’s largest corporate bitcoin holder. Metaplanet’s holdings total 43,000 Bitcoin, representing a value exceeding $2 billion.

Understanding the Dual-Phase Evaluation Process

The framework MSCI has put forward begins with an initial assessment. Companies whose operating assets represent more than 50% of total assets successfully pass this preliminary evaluation and require no additional scrutiny.

Firms that don’t meet this initial benchmark advance to a secondary evaluation phase examining five financial indicators: intensity of operating assets, expense intensity ratios, cash flow generation, fair value concentration, and capital dependency measures.

Under the proposed system, a company becomes ineligible for index inclusion if it fails the initial assessment and subsequently triggers exclusion warnings on at least four of the five secondary indicators. The criteria include benchmarks such as operating assets comprising less than 20% of total assets, operating expenses falling below 5% of total assets, and negative operating cash flow generation.

Companies already included in MSCI indexes benefit from less stringent removal thresholds and would require failures across two consecutive annual reporting periods before facing exclusion. Strategy currently carries a free-float-adjusted market capitalization of $23.9 billion, making it the most significant company identified in the simulation exercise.

Historical Context and Projected Market Consequences

MSCI’s examination of bitcoin treasury corporations isn’t unprecedented. In October 2025, the index provider initiated a separate consultation specifically addressing companies holding 50% or greater of their assets in digital currencies. That earlier proposal identified 39 firms and generated significant market turbulence before being postponed.

By January 2026, MSCI announced it would postpone immediate exclusion of digital asset treasury firms and instead pursue a comprehensive evaluation of non-operating companies across all sectors. The current consultation represents the outcome of that expanded assessment.

Financial analysts at JPMorgan previously projected that Strategy’s removal from MSCI benchmarks could result in approximately $2.8 billion in outflows from passive investment vehicles tracking those indexes.

MSCI has emphasized that the new methodology aims to minimize excessive index volatility. Removal would only occur following persistent changes in corporate structure, not from a single reporting period failing to meet thresholds.

The public comment period concludes on September 30. MSCI anticipates releasing final determinations approximately October 16. Should the proposal receive approval, implementation would occur during the November 2026 index rebalancing.

To date, no modifications have been applied to any indexes.

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