MicroStrategy's strategy under threat: MSCI may exclude bitcoin companies from global indices
The largest stock index provider MSCI has launched consultations on a project that could radically change the rules of the game for companies whose business model is built around holding digital assets rather than operational activities. According to my data, Strategy (formerly MicroStrategy) and Japan's Metaplanet are in the crosshairs, risking exclusion from the global MSCI Global Investable Market Indexes (GIMI) as early as May 2026.
MSCI, known for its benchmark indices followed by asset managers worldwide, is considering introducing a new selection criterion — the so-called "financial filter." The essence is simple: a company whose operational assets account for less than half of its balance sheet and which fails four out of five financial tests will be deemed "non-operational" and excluded from the indices. This is a direct blow to companies that have effectively turned into investment funds rather than operating businesses.
Who is at risk
A simulation conducted by MSCI showed that bitcoin treasuries are precisely what fall under the new rules. Strategy, which actively issues shares and bonds to accumulate BTC, does not meet the criteria because its core "business" is the digital asset, not software development. The situation is similar for Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve. Notably, Yellow Cake PLC — a company holding physical uranium — also made the list, underscoring that the issue is not cryptocurrency per se, but the business structure.
MSCI plans to introduce a transition period for existing index members: exclusion will occur only after two consecutive failed reviews. Three more companies, including SharpLink with ETH reserves, will be placed on a public watchlist.
The consultation period ends on September 30, results will be announced on October 16, and changes will take effect during the index review in November 2026.
My analysis: This is not just a technical change — it is a signal that traditional financial institutions are beginning to rethink their approach to companies using digital assets as a capital base. For Strategy and Metaplanet, this could become a serious challenge: exclusion from MSCI indices will automatically lead to pressure from index funds, which are required to replicate the composition. In the long term, this could force bitcoin treasuries to diversify their businesses or seek alternative listing venues, reshaping the very structure of the corporate crypto reserve market.