Strategy Under Pressure: Strategy and Metaplanet Risk Leaving MSCI Indices
International index provider MSCI has initiated consultations on a project that could radically change the landscape of global investments. The focus is on introducing new criteria that would exclude so-called "non-operating companies" from the GIMI indices. According to a simulation conducted for May 2026, two notable players in the crypto industry—Strategy and Metaplanet—along with Yellow Cake PLC, which specializes in uranium storage, would be hit.
MSCI, formerly known as Morgan Stanley Capital International, is a benchmark for asset managers worldwide. Index funds tracking its metrics are required to replicate the index composition, making any changes in selection methodology critically important. The new rules could trigger massive capital flows, measured in trillions of dollars.
Who is at risk of exclusion
The second stage of the review includes five financial ratios, among them—balance sheet saturation with operating assets, cash flow, and growth dependence on external financing. A company will be excluded from the index if it fails four out of five tests. This filter targets organizations that, by their nature, resemble investment funds more than operating businesses.
It is precisely this definition that Strategy fits with its aggressive model of buying up bitcoins. The company issues shares and bonds to acquire BTC, rather than to develop its software segment. A similar situation applies to Japan's Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve through share sales. Both companies do not meet the new requirements, making their exclusion practically inevitable.
Transitional measures and public watchlist
However, MSCI proposes a softer threshold for existing index members than for new candidates. Exclusion from the index will only occur after two consecutive failed reviews. Three companies will also be added to the public watchlist, including SharpLink with ETH reserves, which have not yet passed the annual review.
Yellow Cake, which holds physical uranium and conducts no operating activities, violates the same criteria as bitcoin holders, although it has no direct connection to cryptocurrencies.
MSCI's consultation period will end on September 30. Results will be announced on October 16, and changes will take effect during the index review in November 2026.
My view: MSCI's decision could set a precedent for other index providers, which are now forced to determine the fate of public companies that have built their financial strategy around digital assets. This is a signal that "bitcoin treasuries" will no longer be perceived as operating businesses in the eyes of traditional investors, which could significantly limit their access to capital.