Strategy under threat: Strategy and Metaplanet may leave the MSCI indices
The largest bitcoin holders among public companies — Strategy and Metaplanet — risk losing their place in the global MSCI indices. The index provider has launched consultations on a proposal that would exclude "non-operating companies" from its benchmarks. A simulation conducted for May 2026 showed that after the new rules are implemented, both companies, as well as Yellow Cake PLC, which holds physical uranium, would leave the indices.
MSCI, formerly known as Morgan Stanley Capital International, is a benchmark for asset managers worldwide. Index funds managing trillions of dollars are required to replicate the composition of its indices. Any change in selection criteria can trigger large-scale buying or selling, and the current initiative is no exception.
Who is at risk of exclusion
The new filter includes five financial ratios: the balance sheet's saturation with operating assets, cash flow, and the dependence of growth on external financing. A company will be excluded if it fails four of the five tests. The proposal is clearly aimed at structures that behave like investment funds rather than operating businesses.
The first stage of the check — the share of operating assets on the balance sheet must exceed 50%. This is where Strategy and Metaplanet stumble. The former issues shares and bonds solely to buy up bitcoins, not to develop its software business. The latter, a Tokyo-based company, has amassed the world's third-largest corporate BTC reserve through share sales. Both models are a vivid example of a "non-operating" structure that does not generate cash flow from core activities.
Transitional measures and public watchlist
MSCI plans to set a softer threshold for existing index members than for new candidates. An existing company will only be excluded after two consecutive failed checks. This gives Strategy and Metaplanet time to adapt, but does not guarantee their retention in the indices.
The public watchlist will also include three companies, including SharpLink with ETH reserves. They failed the last annual check, but exclusion only threatens them after a second failure. Yellow Cake, which holds physical uranium, violated the same criteria as the bitcoin holders, although it has nothing to do with the crypto market.
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 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. Exclusion from MSCI is not just a cosmetic loss: it is an automatic withdrawal of index fund capital, which could trigger significant pressure on shares. However, for long-term investors, this could be an entry point if the company's fundamental strategy remains strong.