MSCI indexes are preparing to drop bitcoin treasurers: Strategy and Metaplanet under pressure
The international stock index provider MSCI has launched a consultation process that could radically change the rules for including companies in its global indices. The focus is on a new filter for so-called "non-operating companies" — structures whose business is built not on manufacturing or services, but on asset ownership. According to my analysis, initial simulations show that the largest corporate bitcoin holders — Strategy and Metaplanet — as well as the British uranium holder Yellow Cake PLC, fall under this criterion.
What MSCI is planning
MSCI (formerly Morgan Stanley Capital International) is a benchmark for asset managers worldwide. Index funds that track its benchmarks are required to replicate the index composition, meaning any change in selection criteria triggers massive capital flows — in the trillions of dollars.
The new project proposes that at the second stage of screening, a company must pass five financial tests, including the ratio of operating assets to the balance sheet, cash flow, and the dependence of growth on external financing. If a company fails four out of five tests, it is excluded. A preliminary scenario for May 2026 has already shown that Strategy and Metaplanet do not meet these requirements.
Why bitcoin holders are at risk
The essence of the problem is obvious: both Strategy and Metaplanet use share and bond issuance not to develop their operating business, but to build up bitcoin reserves. For example, Metaplanet, which is the world's third-largest corporate holder of BTC, finances its purchases exclusively through share sales. This makes them look more like investment funds than traditional companies.
MSCI plans to soften the rules for existing index members: exclusion will only occur after two consecutive failed reviews. However, SharpLink (with ETH reserves) and other structures that failed the annual review have already been added to the public watchlist.
Timeline and consequences
The consultation period will end on September 30, and the final decision will be announced on October 16. The changes will take effect during the November 2026 index review. This decision could serve as a trigger for other index providers, which will be forced to determine the fate of companies that have built their strategy around digital assets.
My view: This is a landmark moment for the entire industry. If MSCI actually excludes Strategy and Metaplanet, we will see not only automatic selling by index funds, but also a reassessment of approaches to valuing such companies overall. The crypto-treasury market will face a new challenge — these companies will have to prove their operational viability rather than simply accumulating BTC reserves. In the long term, this could push such companies toward business diversification, which, in my opinion, would benefit their resilience.