Survival Strategy: Strategy and Metaplanet at Risk of Exclusion from MSCI Indices
MSCI, one of the world's leading stock index providers, has initiated consultations on a project that could radically reshape the global investment landscape. The issue at hand is the potential exclusion of so-called "non-operating companies" from the Global Investable Market Indices (GIMI). According to my simulations, based on May 2026 data, the primary targets are Strategy and Metaplanet—companies whose business models revolve around accumulating bitcoins rather than traditional operational activities. Also on this list is Yellow Cake PLC, which specializes in storing physical uranium.
For the uninitiated, let me explain: MSCI is a benchmark for asset managers worldwide. Index funds, managing trillions of dollars, are obligated to replicate the composition of these indices. Any change in selection criteria can trigger massive purchases or sales, making this initiative critically important for all market participants.
Who is at risk of exclusion?
The new project proposes introducing five financial ratios to evaluate companies, including operational asset sufficiency, cash flow, and dependence on external financing. A company will be excluded if it fails four out of five tests. This filter targets organizations that function more like investment funds rather than operational businesses.
The initial screening is simple: if operational 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 issuing shares and bonds to buy BTC, and Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve, fail. These companies do not invest in developing software or services but use capital to build up cryptocurrency holdings.
Transitional measures and public watchlist
MSCI plans to introduce a softer threshold for existing index members than for new candidates. Exclusion from the index will only occur after two consecutive failed reviews. Additionally, three more companies will be added to the public watchlist, including SharpLink with ETH reserves, which failed the latest annual review.
Yellow Cake, which holds physical uranium and conducts no operational activities, violates the same criteria as bitcoin holders, although it has no connection to the crypto market. This underscores the systemic nature of the changes.
The 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. This decision could set a precedent for other index providers, which will have to determine the fate of public companies that have built their financial strategies around digital assets.
My verdict: this is not just a technical adjustment but a signal of market maturity. Traditional financial institutions are beginning to separate the "wheat" of real business from the "chaff" of speculative structures. For Strategy and Metaplanet, this is a challenge that could either push them toward diversification or lead to a loss of capital inflows from index funds. Watch this space—it could change the rules of the game for the entire industry.