Strategy on the brink: MSCI may exclude Strategy and Metaplanet from global indices
The largest stock index provider, MSCI, has launched consultations on a project that could radically change the landscape of global investments. The focus is on excluding so-called "non-operating companies" from the MSCI Global Investable Market Indexes (GIMI). According to a May 2026 simulation, Strategy and Metaplanet—two of the most prominent institutional bitcoin holders—are in the crosshairs. Alongside them, Yellow Cake PLC, which specializes in uranium storage, will also leave the index.
MSCI, historically known as Morgan Stanley Capital International, creates benchmark indexes that asset managers worldwide rely on. Any change to selection criteria could trigger massive capital movements: index funds, obligated to replicate the index composition, would be forced to reassess their portfolios worth trillions of dollars.
Who Faces Exclusion
The new filter includes five financial ratios—among them, the balance sheet's saturation with operating assets, cash flow, and growth dependence on external financing. A company will be excluded if it fails four out of five tests. The project targets organizations that function more like investment funds rather than operating businesses.
The initial filter is simple: if operating assets make up less than half of the balance sheet, the company moves to the second stage of review. It is here that Strategy, with its bitcoin-buying model, gets "kicked out"—the company issues shares and bonds solely to accumulate BTC, not to develop its software business. The situation is similar for Metaplanet: the Japanese firm has amassed the world's third-largest corporate bitcoin reserve through share sales.
Transitional Measures and Public List
However, MSCI plans to show leniency toward current index members: the threshold will be softer for them than for new candidates. Exclusion will only occur after two consecutive failed reviews. Additionally, three companies will be placed on a public watchlist, including SharpLink with ETH reserves—they face exclusion only upon a repeated failure.
Yellow Cake, which holds physical uranium and conducts no operating activities, violates the same criteria as bitcoin holders, despite having no connection to the crypto market.
The MSCI consultation period will end on September 30. Results will be announced on October 16, and changes will take effect during the November 2026 index review.
My view: This decision will set a precedent that determines the fate of all public companies that have built their financial strategy around digital assets. Index providers are forced to adapt to the new reality, but the question is how quickly and in which direction. Excluding Strategy and Metaplanet could trigger a wave of sell-offs from passive funds, creating short-term pressure on their shares, yet the long-term trend of corporate BTC accumulation is unlikely to stop.