MicroStrategy and Metaplanet strategy under threat: MSCI tightens rules for "non-operating" companies
Index giant MSCI has initiated consultations on a project that could radically change the composition of global indices. The proposal concerns the exclusion of so-called "non-operating" companies—those whose business is built not on manufacturing or services, but on asset management. According to a simulation for May 2026, Strategy (formerly MicroStrategy) and Japan's Metaplanet are in the crosshairs, along with Yellow Cake PLC, which holds physical uranium.
MSCI, whose indices serve as a benchmark for asset managers worldwide, is considering introducing five new financial ratios to evaluate companies. These include balance sheet saturation with operating assets, cash flow, and dependence on external financing for growth. If a company fails four of the five tests, it will be excluded from the index. This is a serious signal for the market, as index funds that replicate MSCI's composition manage trillions of dollars in assets.
Who is at risk of exclusion
The first stage of filtering is the share of operating assets on the balance sheet. If it is less than 50%, the company moves to the second stage of review. It is here that Strategy and Metaplanet fail. Both companies have built their model on buying up bitcoins through share and bond issuances, rather than developing their core business. Metaplanet, incidentally, has already amassed the world's third-largest corporate BTC reserve.
Notably, MSCI proposes a softer threshold for companies already included in the index than for new candidates. Exclusion of existing members is only possible after two consecutive failed reviews. SharpLink, with its ETH reserves, and Yellow Cake—which, despite having no ties to cryptocurrencies, violates the same criteria—will also be added to the public watchlist.
Timeline and consequences
MSCI's consultations 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 gives companies time to adapt, but does not guarantee salvation.
MSCI's decision could set a precedent for other index providers, which are now forced to determine the fate of public companies that have built their financial strategy around digital assets.
My view: this is not just a technical adjustment, but a fundamental challenge to the entire "treasury company" model. If MSCI follows through with the initiative, we will see a reassessment of risks for such structures, and perhaps not only in indices, but also in the eyes of institutional investors. The question is whether Strategy and Metaplanet will find a way to restructure, or whether they will have to seek new avenues for raising capital outside traditional index instruments.