MSCI is preparing a filter for "non-operating" companies: Strategy, Metaplanet, and Yellow Cake at risk of exclusion
MSCI, one of the world's key stock index providers, has launched consultations on a project that could radically change the rules of the game for a number of public companies. The proposal involves introducing criteria that would exclude so-called "non-operating" companies from the global GIMI indices. My models, based on a May 2026 simulation, show that Strategy and Metaplanet are the first to be hit, along with Yellow Cake PLC — a company that stores physical uranium.
This is not just a technical adjustment. MSCI is the benchmark that asset managers around the world look to. Index funds managing trillions of dollars are required to replicate the composition of the indices. Any change in selection criteria can trigger large-scale buying or selling, and the current initiative is a prime example.
Who is at risk of exclusion
The essence of the project is the introduction of a second stage of screening, which includes five financial ratios. Among them are the saturation of the balance sheet with operating assets, cash flow, and the dependence of growth on external financing. A company will be excluded from the index if it fails four out of five tests. This effectively cuts off structures that behave like investment funds rather than operating businesses.
The first filter has already worked against bitcoin holders. Strategy's operating assets account for less than half of its balance sheet, and its model — issuing shares and bonds to buy BTC — has nothing to do with developing a software business. Metaplanet, which has accumulated the world's third-largest corporate bitcoin reserve through share sales, falls into the same category. These companies have essentially become hostages to their own strategy.
Transitional measures and the public list
It is important to understand: MSCI plans a softer threshold for existing index members than for new candidates. An existing company will only be excluded after two consecutive failed checks. This provides time for adaptation, but does not eliminate the threat.
Three companies will also be added to the new public watchlist. Among them is SharpLink with ETH reserves, which failed the last annual check and risks exclusion after a second failure. Yellow Cake, which holds physical uranium and conducts no operating activities, violates the same criteria as bitcoin holders, although it has nothing to do with the crypto market.
The MSCI consultation period will end on September 30. Results are expected to be announced on October 16, and changes will take effect during the November 2026 index review. The MSCI decision could serve as a benchmark for other index providers that will need to determine the fate of public companies that have built their financial strategy around digital assets.
My analysis: This is a landmark signal for the entire market. Companies using public status solely as a tool for accumulating crypto assets can no longer count on automatic inclusion in global indices. Investors should reassess the risks associated with such "quasi-ETF" structures, especially ahead of the November review.