Strategy on the edge: MSCI may exclude Strategy and Metaplanet from global indices
The largest stock index provider, MSCI, has launched a consultation process that could radically change the rules for including companies in its global indices. This concerns a new filter for "non-operating companies"—organizations whose business is built primarily on holding assets rather than on production or operational activities. According to my calculations, Strategy and Metaplanet, whose business models are closely tied to bitcoin accumulation, would be hit first.
My analysis shows that a simulation conducted using data from May 2026 revealed that, under the new criteria, both companies would be excluded from the MSCI Global Investable Market Indexes (GIMI). The list also included the British company Yellow Cake PLC, which specializes in holding physical uranium. This is a significant signal: index providers are beginning to take a stricter stance toward "treasury" companies, which are increasingly viewed as investment funds rather than operating businesses.
New Rules: What Will Change
The second stage of the review includes five financial ratios, among them—sufficiency of operating assets, cash flow, and dependence on external financing. A company will be excluded from the index if it fails four out of five tests. At the same time, MSCI plans to set a more lenient threshold for existing index members than for new candidates: an existing company will only be removed after two consecutive failed reviews.
Particular attention is drawn to the fact that the filter targets companies that behave like investment funds. Strategy, which issues shares and bonds to purchase bitcoin, clearly does not meet the criteria for operating activity. The same situation applies to Metaplanet, which raised the world's third-largest corporate bitcoin reserve through share sales. Yellow Cake, which holds physical uranium and does not conduct an operating business, also violates the same criteria, although it has no connection to the crypto market.
Timeline and Consequences
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. Three companies will also be placed on the public watchlist, including SharpLink with Ethereum reserves—they face exclusion only after a second failure.
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. This creates a new challenge for corporate treasuries: the market is beginning to demand not only the presence of assets but also genuine operating activity.
My comment: This is a fateful decision for the entire industry. Companies that have turned into "bitcoin funds" risk losing access to trillions of dollars in passive investments. However, this could serve as an incentive to rethink their business models—for example, by developing software products or services to meet the requirements of operating companies. Otherwise, we will see a massive outflow of capital from such assets, which would put pressure on their stocks and, possibly, on bitcoin itself.