MSCI is preparing a filter for "non-operating" companies: Strategy and Metaplanet under threat
Index provider MSCI has launched consultations on a project that could radically change the composition of global indices. The focus is on excluding so-called "non-operating" companies—those whose business is built not on production or services, but on asset ownership. According to a May 2026 simulation, Strategy and Metaplanet fall under the new criteria, as does Yellow Cake PLC, which holds physical uranium.
What MSCI is proposing
MSCI, one of the key benchmarks for asset managers worldwide, intends to introduce a second-stage screening for issuers. It includes five financial ratios: balance sheet saturation with operating assets, cash flow, and growth dependence on external financing. If a company fails at least four of the five tests, it will be excluded from the index.
The logic is simple: MSCI aims to weed out structures that behave like investment funds rather than operating businesses. The primary filter already screens out companies where operating assets account for less than half of the balance sheet. It is precisely under this definition that bitcoin holders fall—their core value is concentrated in digital assets, not in production capacity.
Who is at risk
Strategy, known for its aggressive model of buying BTC through equity and bond issuance, is an obvious candidate for exclusion. The company has effectively turned into a bitcoin trust, which contradicts the new criteria. Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve through share sales, also fails to meet the requirements.
Interestingly, Yellow Cake—a company with no ties to cryptocurrencies but holding physical uranium—has also been caught in the crossfire. This confirms that the new filter targets any "assets for assets' sake" model, regardless of the asset class.
Transitional measures and timelines
MSCI plans a softened threshold for existing index members—exclusion will only occur after two consecutive failed screenings. Three more companies, including SharpLink with ETH reserves, will be placed on a public watchlist. 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 providers, which are now forced to determine the fate of public companies that have built their financial strategy around digital assets.
My take: this is not just a technical adjustment, but a signal of market maturity. Institutional investors are no longer willing to tolerate "bitcoin wrappers" in indices, and companies like Strategy will either have to change their business structure or seek alternative listing venues.