Strategy on the edge: Strategy and Metaplanet may leave the MSCI indices due to new rules
Global index giant MSCI, formerly known as Morgan Stanley Capital International, has launched a consultation process that could radically reshape the landscape of global investing. The project aims to exclude so-called "non-operating companies" from its GIMI benchmark indices. A simulation conducted for May 2026 showed a shocking result: if the new criteria are adopted, prominent crypto industry players such as Strategy and Metaplanet would drop out of the indices. Yellow Cake PLC, a company specializing in the storage of physical uranium, was also included on this list.
For those unfamiliar with market mechanics, let me explain: MSCI is not just a data provider. It is a compass for asset managers worldwide. Index funds managing trillions of dollars are required to mirror the composition of MSCI indices. Any change in selection criteria triggers automatic mass buying or selling of shares, directly impacting the liquidity and market capitalization of companies.
Who is at risk of exclusion?
The new filter includes five financial ratios, among them the saturation of the balance sheet with operating assets, cash flow, and the dependence of growth on external financing. A company will be excluded if it fails four out of five tests. This step targets organizations that function more like investment funds rather than operating businesses.
Strategy, with its aggressive model of buying up bitcoins, is the first to come under fire. The company issues shares and bonds to acquire BTC rather than to develop its core software business. The situation is similar for Japan's Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve through share sales. Both companies clearly fail the new filter, which requires operating assets to account for more than half of the balance sheet.
Transitional measures and public watchlist
However, MSCI also proposes a softer threshold for existing index constituents compared to new candidates. Exclusion from the index will only occur after two consecutive failed reviews. This gives companies time to adapt. Additionally, three companies will be placed on a new public watchlist. Among them is SharpLink, which holds reserves in Ethereum. They face exclusion only after a second failure.
The MSCI consultation period will end on September 30. Results are expected to be announced on October 16, and changes will take effect during the index review in November 2026.
MSCI's decision could serve as a benchmark for other index providers, which will have to determine the fate of public companies that have built their financial strategy around digital assets.
My take: This is not just a technical index adjustment, but a signal of market maturity. Institutional investors increasingly demand a clear distinction between operating companies and passive investment vehicles. For Strategy and Metaplanet, this will be a serious challenge, but also an opportunity to reconsider their corporate structure to remain in the sights of global capital.