Strategy on the edge: MSCI intends to exclude Strategy and Metaplanet from global indices
International stock index provider MSCI has launched consultations on a project that could radically reshape the global investment landscape. The proposal involves excluding so-called "non-operating companies" from global investable market indices (GIMI). According to a simulation conducted for May 2026, the biggest corporate bitcoin holders—Strategy and Metaplanet—along with British uranium storage firm Yellow Cake PLC, would be hit first.
The essence of MSCI's new requirements
MSCI, formerly known as Morgan Stanley Capital International, serves as a benchmark for asset managers worldwide. Index funds managing trillions of dollars are required to replicate the composition of MSCI indices. Any change to selection criteria can trigger large-scale buying or selling, making this initiative critical for the market.
The project proposes a second-stage screening process involving five financial ratios: balance sheet saturation with operating assets, cash flow, and growth dependence on external financing. A company would be excluded if it fails four out of five tests. First, a primary filter is applied: if operating assets account for less than half of the balance sheet, the company moves to the second-stage review.
Strategy, with its bitcoin accumulation model—issuing shares and bonds to buy BTC rather than to grow its software business—does not meet these criteria. The same applies to Japan's Metaplanet, which has built the world's third-largest corporate bitcoin reserve through share sales.
Transitional measures and public watchlist
MSCI plans to set a softer threshold for existing index constituents than for new candidates. Exclusion would occur only after two consecutive failed reviews. Additionally, three companies, including SharpLink with ETH reserves, will be added to a new public watchlist—they face exclusion only after a second failure.
Yellow Cake, which holds physical uranium and conducts no operating business, violates the same criteria as bitcoin holders, despite having no connection to the crypto market. The MSCI consultation period ends on September 30, with results announced on October 16. Changes will take effect during the November 2026 index review.
My analysis: This MSCI decision could set a precedent for other index providers, which will be forced to determine the fate of public companies that have built their financial strategy around digital assets. For investors, this is a signal: the "BTC treasury reserve" model may be incompatible with traditional index requirements, adding volatility to Strategy and Metaplanet shares in the medium term.