Strategy on the edge: Strategy and Metaplanet may leave the MSCI indices due to new rules
The largest bitcoin holders among public companies — Strategy and Metaplanet — risk being excluded from the global MSCI indices. The reason is a new proposal by the provider aimed at filtering out "non-operational" companies whose business model is built around investments in digital assets rather than traditional operational activities.
MSCI, one of the world's leading developers of stock indices, is conducting consultations on introducing additional selection criteria for participants in its global investable market indices (GIMI). According to a simulation conducted, if the new rules were applied, Strategy and Metaplanet would already be excluded from the indices in May 2026. Notably, Yellow Cake PLC — a company specializing in the storage of physical uranium — also lands on the "blacklist."
What exactly is changing?
The essence of the innovations is the introduction of a second stage of screening for companies whose operational assets account for less than half of their balance sheet. At this stage, five financial ratios are assessed, including operational asset sufficiency, cash flow, and growth dependence on external financing. If a company fails four out of five tests, it is subject to exclusion.
Obviously, this definition captures companies that are essentially more akin to investment funds than operational enterprises. Strategy, whose model is based on issuing shares and bonds to build up BTC reserves, and Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve, are ideal candidates for removal. Their financial flows directly depend on external financing, and their operational activity is minimal.
Transitional measures and public watchlist
MSCI, understanding the sensitivity of the situation, is offering softer terms for current index participants. Exclusion would only occur after two consecutive failed screenings. Additionally, three companies will be placed on a public watchlist, including SharpLink with ETH reserves. For them, exclusion would only become possible after a second failure.
It is telling that Yellow Cake, which has nothing to do with cryptocurrencies, violates the same criteria as bitcoin holders. This confirms that the problem is not the asset itself, but the business structure that does not generate operational cash flow.
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.
The MSCI decision could set a precedent for other index providers, which will be forced to determine the fate of public companies that have built their strategy around digital assets. In my understanding, this is a signal to the market: "bitcoin treasuries" must either diversify their business or accept the loss of institutional capital that follows the indices. Exclusion from MSCI is not just a technical matter, but a serious blow to the attractiveness of such stocks for large funds, which could trigger a wave of selling.