Bitcoin reserve strategy under pressure: Strategy and Metaplanet may leave MSCI indices
International index provider MSCI has launched a consultation process that could radically change the rules for including so-called "non-operating companies" in its global indices. According to a simulation conducted, if the criteria are tightened, Strategy and Metaplanet—two of the most prominent public bitcoin holders—would drop out of the indices.
This concerns companies whose primary activity is not operational business, but rather the custody and accumulation of digital or physical assets. Also at risk is Yellow Cake PLC, a firm specializing in uranium storage. This is a signal: index giants are beginning to reconsider their approach to corporations that have essentially turned into investment funds.
What exactly MSCI is proposing
MSCI, one of the key benchmarks for asset managers worldwide, is considering the introduction of five financial ratios to evaluate companies. Among them are the share of operating assets on the balance sheet, cash flow, and dependence on external financing. If a company fails four out of five tests, it will be excluded from the index.
The first stage is a basic filter: if operating assets account for less than half of the balance sheet, the company moves to the second stage of review. It is here that Strategy, with its model of endless issuance of shares and bonds to buy bitcoin, and Metaplanet, which has accumulated the world's third-largest corporate BTC reserve, fail to meet the criteria. Their business is more about treasury asset management than operational activity.
Transitional measures and the public watchlist
It is important to note that MSCI proposes a softer threshold for existing index constituents. Exclusion will only occur after two consecutive failed reviews. This gives companies time to adapt.
Three more companies will be added to the public watchlist, including SharpLink, which holds reserves in Ethereum. They failed the latest annual review, but exclusion only threatens them if they fail again. Yellow Cake, which holds physical uranium, violates the same criteria as bitcoin holders, although it has no direct connection to the crypto market.
The MSCI consultation will end on September 30, results will be announced on October 16, and changes will take effect during the index review in November 2026.
The MSCI decision could set a precedent for other index providers. Public companies that have built their strategy around digital assets must realize: their unique model carries not only market but also structural risks. Exclusion from indices is not just a loss in ranking, but a potential outflow of trillions in passive capital. Investors should closely monitor the development of this story.