Strategy under fire: MSCI intends to exclude Strategy and Metaplanet from global indices
The largest stock index provider, MSCI, has launched a consultation on a project that could radically change the rules of the game for "non-operating" companies. According to my analysis, Strategy and Metaplanet—two of the most prominent examples of corporate bitcoin holders—as well as Yellow Cake PLC, which holds physical uranium, are at risk of being excluded from global indices (GIMI).
MSCI, known for its benchmark indices that asset managers worldwide follow, is considering introducing additional financial tests. The idea is simple: companies that behave more like investment funds than operating businesses should be filtered out. A simulation conducted for May 2026 showed that Strategy and Metaplanet fail the new criteria and would be removed from the indices.
Why this matters
Index funds, managing trillions of dollars, are required to replicate the composition of MSCI indices. Exclusion from the list means automatic mass selling of shares by such funds. This is not just a technical detail—it is a direct blow to the liquidity and market capitalization of these companies.
The new rules include five financial ratios, among them—the balance sheet's saturation with operating assets, cash flow, and the dependence of growth on external financing. If a company fails four out of five tests, it is dropped. The first filter is that operating assets must account for less than half of the balance sheet. This description perfectly fits Strategy, which issues shares and bonds to buy up BTC, and Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve through share sales.
Transitional measures and public list
MSCI plans to soften the threshold for existing members: exclusion will occur only after two consecutive failed checks. However, three more companies will be added to the public watchlist, including SharpLink with ETH reserves. Yellow Cake, which holds physical uranium and conducts no operating business, violated the same criteria as bitcoin holders, although it has no relation 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.
My view: this decision will set a precedent for the entire industry. If MSCI excludes Strategy and Metaplanet, other index providers will follow suit, and then "bitcoin treasuries" will lose access to passive investments. Companies will have to reconsider their structure or find new ways to raise capital. The digital asset market is maturing, but this lesson is a reminder that institutional frameworks are not always ready for innovation.