Strategy on the edge: MSCI may 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 focus is on new selection criteria aimed at excluding so-called "non-operating companies" from the MSCI Global Investable Market Indexes (GIMI). According to a simulation conducted for May 2026, Strategy and Metaplanet—two public companies whose business models revolve around accumulating bitcoin rather than traditional operating activities—are the primary targets.
MSCI, whose indexes serve as a benchmark for asset managers worldwide, proposes introducing a five-step financial filter. Companies will be assessed on metrics such as the share of operating assets on their balance sheets, cash flow, and reliance on external financing for growth. If a firm fails four out of five tests, it will be removed from the index. The new rules aim at organizations that behave more like investment funds than going concerns.
Who is at risk
The first stage of the filter is a check on the ratio of operating assets to total balance sheet. If this metric falls below 50%, the company moves to the second stage of testing. It is precisely here that Strategy and Metaplanet "fail." Strategy's model, which involves issuing shares and bonds to buy up BTC, has nothing to do with developing its software business. Metaplanet, in turn, has amassed the world's third-largest corporate bitcoin reserve, also financing it through share issuance.
Beyond crypto companies, Yellow Cake PLC—which stores physical uranium and conducts no operating activities—has also landed on the "non-operating" list. This confirms that MSCI's filter targets not only digital assets but any model based on passive ownership of commodity or crypto assets.
Transitional measures and timelines
It is important to note that MSCI plans to introduce a softer threshold for existing index constituents than for new candidates. Current companies will only be removed after two consecutive failed checks. Additionally, three new companies will be added to the public watchlist, including SharpLink with ETH reserves, which face exclusion only if they fail the tests again.
MSCI's consultation will close on September 30. Results will be announced on October 16, and the changes themselves will take effect during the November 2026 index review. This 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 strategies around digital assets.
My take: This is not just a technical adjustment but a signal of a systemic reassessment of "crypto holdings" in traditional finance. Exclusion from MSCI indexes will automatically trigger a wave of forced selling by passive funds, which could put significant pressure on these companies' stock prices. In the long term, this could push Strategy and Metaplanet to diversify their businesses or seek alternative listings to maintain access to institutional capital.