Index shock for bitcoin treasuries: MSCI targets exclusion of Strategy and Metaplanet
The largest stock index provider, MSCI, has launched a consultation on a project that could radically change the rules of the game for so-called "non-operating" companies. According to my analysis, the primary targets are public corporations whose business models are built around accumulating digital assets rather than conducting traditional operating activities.
MSCI, formerly known as Morgan Stanley Capital International, is the benchmark for asset managers worldwide. Index funds managing trillions of dollars are required to mirror the composition of the indices, so any change in selection criteria could trigger massive capital movements. My simulation, based on data from May 2026, shows that after the implementation of the new rules, Strategy and Metaplanet will be excluded from the global indices (GIMI). Yellow Cake PLC — a company holding physical uranium — was also included on this list.
Who is at risk of exclusion
The second stage of the review includes five financial ratios, among them the balance sheet's saturation with operating assets, cash flow, and the dependence of growth on external financing. Exclusion will follow if a company fails four out of five tests. The project targets organizations that function more like investment funds rather than operating businesses.
The primary filter triggers when operating assets account for less than half of the balance sheet. Strategy, with its model of buying up bitcoin, fits these criteria perfectly: the company issues shares and bonds solely to acquire BTC, not to develop its software business. The same filter also triggers for Metaplanet — a Japanese company that has raised the world's third-largest corporate bitcoin reserve through share sales.
Transitional measures and public list
MSCI plans to set a softer threshold for existing index members than for new candidates. Exclusion from the index will only occur after two consecutive failed reviews. Three more companies will be added to a new public watchlist, including SharpLink with its ETH reserves — they face exclusion only after a second failure.
Yellow Cake, which holds physical uranium and conducts no operating activities, violated the same criteria as bitcoin holders, although it has no relation to the crypto market.
The MSCI consultation period will end on September 30. Results are planned to be announced on October 16, and the changes will take effect during the index review in November 2026.
MSCI's 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 strategies around digital assets.
My comment: This is a landmark signal for the entire market. Exclusion from indices is not just a formality, but a direct blow to stock liquidity, which could lead to forced selling by passive funds. Companies like Strategy will either have to demonstrate real operating activity or accept the loss of institutional capital. In the long term, this could cool the enthusiasm of corporate treasurers considering bitcoin as a primary balance sheet asset.