MSCI intends to exclude Strategy and Metaplanet from global indices: a new filter against "bitcoin funds"
International stock index provider MSCI has launched consultations on a project that could radically change the composition of global investable market indices (GIMI). The essence of the initiative is to exclude so-called "non-operating companies" whose business models do not meet classic operational activity criteria. According to a simulation for May 2026, two of the largest corporate bitcoin holders—Strategy and Metaplanet—as well as Yellow Cake, a company storing physical uranium, are in the crosshairs.
For me, this event is not just a technical index adjustment, but a signal of a systemic reassessment of approaches to valuing public companies that use digital assets as the foundation of their capitalization.
Who is at risk of exclusion
The new MSCI regulation proposes five financial ratios for assessment: adequacy of operating assets, cash flow, and growth dependence on external financing. A company will be excluded if it fails four out of five tests. A baseline filter is applied first: if operating assets account for less than half of the balance sheet, the company moves to the second stage of review.
Strategy, known for its aggressive model of buying bitcoin through equity and bond issuance, clearly does not meet these criteria. Metaplanet, which has amassed the third-largest corporate BTC reserve in the world, also risks leaving the index. Their activities resemble investment funds more than operating businesses, which is why they have been placed on the "blacklist."
Transitional measures and public watchlist
MSCI plans to introduce a softer threshold for existing index members compared to new candidates. Exclusion will occur only after two consecutive failed reviews. The public watchlist will also include SharpLink with ETH reserves and Yellow Cake, which, despite having no connection to cryptocurrencies, violates the same criteria due to the absence of an operating business.
Consultations will end on September 30, results will be announced on October 16, and changes will take effect during the index review in November 2026. MSCI's decision could set a precedent for other index providers, which will be forced to determine the fate of companies that have built their financial strategy around digital assets.
My forecast: if MSCI follows through with the initiative, it will trigger a wave of capital outflows from such companies, but at the same time accelerate the creation of alternative indices focused on the crypto economy. Investors should prepare for increased volatility in Strategy and Metaplanet stocks in the coming months.