Strategy on the brink: Strategy and Metaplanet may leave the MSCI indices due to new rules
Index provider MSCI has launched consultations on a project that could radically change the landscape of global investments. The matter concerns a revision of the criteria for including companies in the GIMI indices, with an eye toward excluding so-called "non-operational" structures. According to a simulation conducted for May 2026, two prominent figures in the crypto industry fall under the spotlight — Strategy and Metaplanet. Along with them, Yellow Cake PLC, which specializes in uranium storage, will likely also leave the index.
What is MSCI planning?
MSCI, formerly known as Morgan Stanley Capital International, is a benchmark for asset managers worldwide. Funds oriented toward its indices are required to mirror the composition exactly, so any change in the selection methodology entails massive capital flows — we are talking about trillions of dollars. The new project adds a second stage of screening, consisting of five financial ratios, including the sufficiency of operational assets, cash flow, and dependence on external financing. A company will be excluded if it fails four out of five tests.
The essence of the filter is simple: MSCI wants to weed out structures that behave like investment funds rather than operational businesses. The primary screening already filters out companies where operational assets account for less than half of the balance sheet. It is precisely under this definition that Strategy, with its model of buying up bitcoins, and Metaplanet, which has amassed the third-largest corporate BTC reserve in the world through share issuance, fall.
Transitional measures and public watchlist
However, MSCI does not intend to act hastily. For existing index members, a softer threshold is provided: exclusion will occur only after two consecutive failed checks. Additionally, three more companies will be added to the public watchlist, including SharpLink with reserves in ether (ETH). They face exclusion only after a repeated failure.
Notably, Yellow Cake, which has nothing to do with cryptocurrencies, violates the same criteria as bitcoin holders. This confirms: the problem is not digital assets per se, but the very model of a "storage company" without real operational activity.
The MSCI consultation will end on September 30. Results will be announced on October 16, and changes will take effect during the index review in November 2026. The MSCI decision could set a precedent for other providers, which will be forced to determine the fate of public companies that have built their strategy around digital assets.
My view: This is a logical step on the part of MSCI, but it creates a serious risk for the liquidity of Strategy and Metaplanet shares. Index funds are major holders, and their forced selling could trigger short-term pressure on quotes. However, for long-term investors, this is more of an opportunity: the fundamental value of companies holding bitcoins will not change, and volatility could open up attractive entry points.