Strategy on the edge: Strategy and Metaplanet may leave MSCI indices due to new rules
The world of institutional investment is on the brink of tectonic shifts. MSCI, one of the key benchmarks for global funds, has launched consultations on a project that could forever change the rules of the game for companies whose business is built around unconventional assets. According to my analysis of simulation data as of May 2026, the primary targets are Strategy and Metaplanet — two flagships of corporate bitcoin accumulation.
The essence of the initiative is to introduce a filter for so-called "non-operating companies," which by their nature resemble investment funds more than classic businesses. MSCI, whose indices serve as a benchmark for asset management worldwide, intends to exclude such structures from its global indices (GIMI). The simulation showed that after the implementation of the new criteria, not only Strategy and Metaplanet would drop out of the indices, but also Yellow Cake PLC — a company that stores physical uranium.
Who is at risk of exclusion
The second stage of the review includes five financial ratios, among them — the saturation of the balance sheet with operating assets, cash flow, and the dependence of growth on external financing. A company will be excluded if it fails four out of five tests. This filter targets structures that exist not for conducting operational activities, but for storing and growing capital through specific assets.
Strategy, with its aggressive model of buying up bitcoins through the issuance of shares and bonds, obviously does not meet the new requirements. Metaplanet, which has amassed the third-largest corporate BTC reserve in the world through share sales, also falls under the definition of "non-operating." Even Yellow Cake, which has nothing to do with cryptocurrencies but stores uranium, violates the same criteria.
Transitional measures and public watchlist
MSCI plans to soften the threshold for existing index members compared to new candidates. Existing companies will only be excluded after two consecutive failed reviews. Additionally, three new companies will be added to the public watchlist, including SharpLink with ETH reserves — they face exclusion only after a repeated failure.
The consultation period will end on September 30, results will be announced on October 16, and the changes will take effect during the index review in November 2026.
My expert view: This MSCI decision is not just a bureaucratic formality, but a signal for the entire industry. If the largest index providers begin to cut off companies with unconventional assets, this could trigger a massive outflow of capital from such structures and force them to reconsider their business models. Investors should closely monitor developments: the revision of MSCI criteria could become a catalyst for the revaluation of an entire class of "crypto-holding" companies.