Strategy on the edge: Strategy and Metaplanet may lose their place in the MSCI indices
International stock index provider MSCI has launched a consultation process that could radically change the composition of global indices. The focus is on a new filter aimed at excluding so-called "non-operating companies." According to a simulation conducted for May 2026, two companies iconic to the crypto industry are in the crosshairs—Strategy (formerly MicroStrategy) and Japan's Metaplanet. Alongside them, Yellow Cake PLC, which specializes in storing physical uranium, could also be excluded from the indices.
This is not just a technical adjustment. MSCI is a benchmark for asset managers worldwide. Index funds, whose combined assets are measured in trillions of dollars, are forced to mirror the composition of the indices. Any change in selection criteria triggers large-scale purchases or sales of shares, directly impacting the liquidity and market capitalization of companies included in the index.
The essence of the new filter and its consequences
The new regulation includes five financial ratios, among them—sufficiency of operating assets, cash flow, and dependence on external financing. A company will be excluded if it fails four out of five tests. This step is clearly aimed at organizations that are essentially investment funds rather than operating businesses. The primary filter is simple: if operating assets make up less than half of the balance sheet, the company moves to the second stage of review.
It is precisely under this definition that Strategy falls, with its aggressive model of accumulating bitcoin. The company issues shares and bonds not to develop its software business, but to purchase the leading cryptocurrency. The situation is similar for Metaplanet, which, through share sales, has amassed the world's third-largest corporate bitcoin reserve. In essence, both companies have transformed into high-risk proxy instruments for BTC investments, which raises questions among MSCI's methodologists.
Transitional measures and watchlist
MSCI, however, proposes a softer threshold for existing index constituents than for new candidates. Exclusion will only occur after two consecutive failed reviews. Three companies will also be added to the public watchlist, including SharpLink with ETH reserves. They failed the annual review, but exclusion only threatens them after a second failure. Yellow Cake, which holds physical uranium and conducts no operating activities, violates the same criteria as bitcoin holders, although it has no connection to cryptocurrencies.
The consultation period will end on September 30, with results announced on October 16. The changes will take effect during the November 2026 index review.
My analysis: This MSCI decision is a warning signal for all public companies building their strategy around digital assets. It sets a precedent that other index providers may follow. In the long term, this could limit the inflow of institutional capital into such "crypto-proxies," forcing them to reconsider their corporate structure or seek alternative listing venues.