Strategy and Metaplanet may be dropped from MSCI indices due to new rules for "non-operating" companies.
The largest bitcoin holders among public companies — Strategy and Metaplanet — risk being excluded from the global MSCI indices. The reason is a new consultation proposal aimed at tightening requirements for companies that do not conduct operational activities but rather function as investment vehicles.
MSCI, one of the world's leading stock index providers, is considering introducing additional financial criteria for inclusion in its global indices (GIMI). According to my calculations and simulation data for May 2026, not only Strategy and Metaplanet fall under the new rules, but also the British company Yellow Cake PLC, which specializes in uranium storage.
The essence of the innovation is the introduction of five financial ratios, including operational asset sufficiency, cash flow, and dependence on external financing. A company will be excluded from the index if it fails four out of five tests. The primary filter is that the share of operational assets on the balance sheet must exceed 50%. This is precisely where the problem lies for bitcoin treasuries.
Who is at risk of exclusion
Strategy, formerly known as MicroStrategy, falls under the definition of a "non-operational" company: it issues shares and bonds not to develop its software business, but solely to build up BTC reserves. Metaplanet, the Japanese holder of the world's third-largest corporate bitcoin reserve, operates on a similar model, financing purchases through share sales.
Notably, MSCI proposes a softer threshold for existing index constituents than for new candidates. Exclusion is possible only after two consecutive failed reviews. However, even with transitional measures in place, three companies have already been placed on the public watchlist. Among them is SharpLink with ETH reserves, which failed its annual review and risks removal after a second failure. Yellow Cake, which has no connection to cryptocurrencies but holds physical uranium, violates the same criteria as bitcoin holders.
The MSCI 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.
My view: This is a landmark precedent. If MSCI actually excludes public bitcoin treasuries, it will create a powerful precedent for other index providers. Institutional funds obligated to track benchmark compositions will be forced to sell off positions in these companies, which could trigger short-term pressure on their shares. However, the long-term effect for the industry itself could even be positive — the market will learn to value such companies outside the framework of traditional indices, which will reduce their correlation with the broader market and make them more attractive to specialized investors.