Survival strategy under threat: Strategy and Metaplanet may leave MSCI indices
International stock index provider MSCI has launched consultations on a project that could radically change the rules of the game for companies whose business is not operational. According to my simulations for May 2026, Strategy and Metaplanet—the two largest corporate bitcoin holders—as well as Yellow Cake PLC, which specializes in uranium storage, are in the crosshairs.
MSCI, known for its benchmark indices that asset managers around the world follow, is considering excluding "non-operating companies" from its global investable market indices (GIMI). This is not just a formality: MSCI indices serve as benchmarks for funds managing trillions of dollars, and any change to index composition automatically triggers massive buying or selling by index funds.
Who is at risk of exclusion
The essence of the new filter is a check for "financial viability." Companies must pass four out of five tests, including operating assets, cash flow, and dependence on external financing. If operating assets account for less than half of the balance sheet, the company moves to the second stage of review. This is where Strategy and Metaplanet fail: their business model is built on issuing shares and bonds to buy bitcoin, not on developing software or running a hotel business.
Metaplanet, a Japanese company that has amassed the third-largest corporate bitcoin reserve in the world, also does not meet the new criteria. Its core activity is accumulating BTC, not generating operating profit. Yellow Cake, which holds physical uranium, has no operating business at all, making it an obvious target.
Transitional measures and public watchlist
MSCI plans to introduce softer conditions for current index members: exclusion will only occur after two consecutive failed reviews. This gives companies time to adapt. SharpLink, with its ETH reserves, will also be added to the public watchlist—it faces exclusion after a second failure.
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 decision could set a precedent for other index providers, which will have to determine the fate of companies building their financial strategy around digital assets.
My take: This is not just a technical adjustment, but a signal that the market is beginning to separate the wheat from the chaff. Companies that use public listing as a tool for accumulating crypto assets rather than conducting business risk losing access to institutional capital. However, for the industry itself, this is rather a positive sign—it pushes toward more transparent and sustainable models, which in the long term will strengthen trust in digital assets.