Strategy under threat: Strategy and Metaplanet may be excluded from MSCI indices
The world's largest stock index provider, MSCI, has launched a consultation process that could radically change the composition of its global investable market indices (GIMI). The focus is on a new filter for so-called "non-operating companies" — those whose business is built not on production or services, but on holding and accumulating assets. According to a simulation conducted for May 2026, two companies iconic to the crypto industry are directly in the crosshairs: Strategy and Metaplanet.
The essence of the initiative is simple: MSCI wants to weed out firms that are essentially investment funds rather than operating enterprises. To do this, it introduces five financial ratios, including the share of operating assets on the balance sheet, cash flow, and dependence on external financing. If a company fails at least four of the five tests, it risks being excluded from the index.
Who is at risk
The initial filter already eliminates candidates: if operating assets account for less than half of the balance sheet, the company moves to the second stage of review. It is precisely here that Strategy and Metaplanet "drop out." Both companies have built their model on buying up bitcoins, financed through equity and bond issuance, rather than on developing their core business. Metaplanet, by the way, has already amassed the world's third-largest corporate BTC reserve — but it is precisely this that makes it vulnerable to the new rules.
Interestingly, Yellow Cake PLC also made it onto the list of "non-operating" companies — a firm that stores physical uranium and has nothing to do with cryptocurrencies. This confirms that MSCI is not targeting bitcoin per se, but rather the "assets for assets' sake" model itself, which is becoming increasingly popular in the corporate world.
Transitional measures and timelines
However, MSCI does not intend to act radically. For existing index members, a softer threshold is provided than for newcomers: exclusion will occur only after two consecutive failed reviews. Moreover, three companies, including SharpLink with ETH reserves, will be placed on a public watchlist — they will be given a chance to improve.
The consultation period will end on September 30, with the final decision announced on October 16. The changes will take effect during the November 2026 index review.
My take: This is a signal not only for MSCI, but for the entire market. Institutional investors tracking indices increasingly demand real operating activity from public companies, rather than just "bitcoin treasuries." If the initiative is adopted, we could see a wave of corporate strategy overhauls — and not only in the crypto sector. The question is whether Strategy and Metaplanet are ready to adapt or will prefer to remain "pure" players outside the index mainstream.