Strategy on the edge: Strategy and Metaplanet may leave the MSCI indices due to new rules
The largest provider of stock indices, MSCI, has launched consultations on a project that could radically change the composition of global investable market indices (GIMI). According to a simulation conducted for May 2026, two companies iconic to the crypto industry are at risk—Strategy and Metaplanet. Yellow Cake PLC, which specializes in uranium storage, may also be excluded from the indices.
The essence of the initiative is to introduce a filter for so-called "non-operating companies," whose business model resembles an investment fund more than operational activity. MSCI, whose indices serve as a benchmark for asset managers worldwide, intends to tighten selection criteria. This is critically important because MSCI indices are replicated by funds with trillions in turnover, and any change in composition causes massive capital flows.
Who is at risk of exclusion
The new methodology includes five financial ratios, among them—sufficiency of operating assets, cash flow, and dependence of growth on external financing. A company will be excluded if it fails four out of five tests. At the first stage, those whose operating assets make up less than half of the balance sheet are screened out. None of the companies building their strategy on buying up bitcoins fall under this rule.
Strategy, known for its aggressive model of accumulating BTC through the issuance of shares and bonds, is an obvious candidate for removal. Metaplanet, which has amassed the third-largest corporate bitcoin reserve in the world through share sales, also does not meet the new requirements. Interestingly, Yellow Cake, which has nothing to do with cryptocurrencies, violates the same criteria, confirming the systemic nature of the changes.
Transitional measures and public watchlist
MSCI plans to introduce a softer threshold for existing index members than for new candidates. Exclusion will only occur after two consecutive failed checks. Three more companies will be added to the public watchlist, including SharpLink with ETH reserves. They failed the annual check, but exclusion only threatens them after a repeated failure.
MSCI consultations will end on September 30, results will be announced on October 16, and changes will take effect during the November index review in 2026. This decision will serve as a benchmark for other index providers, who will have to determine the fate of public companies that have built their financial strategy around digital assets.
My view: The MSCI initiative is not just a technical adjustment, but a signal of market maturity. Institutional investors increasingly demand transparency and operational viability, and bitcoin "treasury" companies will have to adapt or seek alternative listing venues. In the long term, this could stimulate the development of hybrid models where crypto reserves are combined with real business.