Under threat of exclusion: Strategy and Metaplanet may leave the MSCI indices
Global stock index provider MSCI is considering tightening its selection criteria, which could lead to the exclusion of the largest bitcoin holders — Strategy and Metaplanet — from its global indices. Modeling conducted for May 2026 showed that these companies do not meet the new requirements.
New Rules: Focus on Operational Activity
MSCI, formerly known as Morgan Stanley Capital International, is developing a methodology that would filter out "non-operating companies" from its global indices (GIMI). The essence of the changes is the introduction of five financial ratios assessing the balance sheet's saturation 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 move is aimed at structures that are essentially investment funds rather than operating businesses. The primary filter is the share of operating assets on the balance sheet: if it is less than half, the company moves to the second stage of review. This rule specifically targets Strategy with its bitcoin accumulation model and Metaplanet, which has amassed the world's third-largest corporate BTC reserve through share sales.
Not Only Crypto Companies at Risk
Notably, Yellow Cake PLC — a company storing physical uranium — also appeared on the exclusion list. It violates the same criteria as bitcoin holders, despite having no connection to the crypto market. This confirms that MSCI's new rules target any company whose business model is not tied to operational activity.
MSCI plans to set a softer threshold for existing index members than for new candidates. Current members will only be excluded after two consecutive failed reviews. The public watchlist will also include SharpLink with ETH reserves and three other companies facing exclusion after a second failure.
Timeline and Consequences
The 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. Given that index funds are required to replicate the composition of MSCI indices, exclusion could trigger massive sell-offs of these companies' shares.
My analysis: This decision is a warning signal for the entire industry. Companies building strategies around digital assets risk losing access to trillions of dollars in passive investment. The market will have to adapt, and we may see new hybrid structures that can meet the requirements of traditional indices while preserving their crypto-oriented essence.