Under MSCI pressure: Strategy and Metaplanet may leave global indices
The largest stock index provider, MSCI, has launched a consultation process that could radically reshape the global investment landscape. The focus is on so-called "non-operating companies," whose business models are built not on production or services, but on holding and accumulating assets. According to a simulation conducted for May 2026, Strategy and Metaplanet, as well as Yellow Cake PLC, which specializes in uranium storage, do not meet the new selection criteria.
What is happening with MSCI indices
MSCI, formerly known as Morgan Stanley Capital International, is the benchmark for asset managers worldwide. Funds tied to its indices are required to replicate the benchmark's composition, making MSCI's decisions a trigger for multi-billion-dollar capital flows. Any change in the selection methodology could provoke large-scale buying or selling.
The new project adds a second stage of screening—five financial ratios, including the balance sheet's saturation with operating assets, cash flow, and the dependence of growth on external financing. A company will be excluded if it fails four out of five tests. The primary filter already cuts out firms where operating assets account for less than half of the balance sheet.
Why bitcoin companies are under threat
Strategy, with its model of continuously buying bitcoin through equity and bond issuance, is an obvious candidate for removal. The company has effectively transformed into an investment fund rather than an operating business. The situation is similar for Metaplanet, a Japanese firm that has amassed the world's third-largest corporate bitcoin reserve through share sales.
Notably, MSCI plans softer conditions for existing index members than for new candidates. Exclusion will only occur after two consecutive failed checks. This gives companies time to adapt. Additionally, SharpLink, with ETH reserves, and other firms that have not yet passed the annual review will be placed on the public watchlist.
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.
My view: This is a signal not only for the crypto industry, but for the entire ecosystem of public companies using their balance sheets as a tool for asset accumulation. If MSCI actually excludes Strategy and Metaplanet, it will set a precedent that forces other indices to reconsider their criteria. For shareholders of these companies, this could mean significant pressure from index funds, which would be forced to offload positions. In the long term, this could push companies to diversify their businesses to meet the requirements of traditional markets.