Strategy and Metaplanet are at risk of being excluded from MSCI indices: a new filter against "non-operational" giants
Index provider MSCI, whose benchmarks serve as the global standard for asset management, has launched consultations on a proposal that could radically change the composition of global indices. The proposal concerns a filter aimed at excluding so-called "non-operating companies" — structures whose business is built not on production or services, but on the storage and accumulation of assets. My latest data and simulations, conducted as of May 2026, indicate that the primary targets would be Strategy (formerly MicroStrategy) and Japan's Metaplanet, as well as British Yellow Cake PLC, which specializes in uranium storage.
The essence of the new MSCI regulation
MSCI, formerly known as Morgan Stanley Capital International, develops stock indices that asset managers use as benchmarks when building portfolios. Even a minor change in selection criteria can trigger large-scale buying or selling by index funds managing trillions of dollars, as they are required to replicate the benchmark's composition. The new proposal adds a second stage of screening, consisting of five financial ratios, including the balance sheet's saturation with operating assets, cash flow, and growth dependence on external financing. A company will be excluded if it fails four out of five tests.
The first filter already eliminates candidates: if operating assets account for less than half of the balance sheet, the company moves to the second stage. This is where the stumbling block occurs for bitcoin holders. Strategy, whose model involves issuing shares and bonds to buy up BTC rather than developing its software business, clearly does not meet the new requirements. The same situation applies to Metaplanet, which has raised the world's third-largest corporate bitcoin reserve through share sales.
Transitional measures and public list
It is important to note that 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. Additionally, three more companies will be added to the new public watchlist, including SharpLink with ETH reserves, which failed the latest annual review. Yellow Cake, which holds physical uranium and conducts no operating activities, violates the same criteria as bitcoin holders, although it has no connection to the crypto market.
The MSCI consultation period will end on September 30. Results are expected to be announced on October 16, and changes will take effect during the index review in November 2026.
My analysis: This MSCI decision could set a precedent for other index providers, which will be forced to determine the fate of public companies that have built their financial strategy around digital assets. For investors, this is a signal: "bitcoin treasuries" will no longer automatically receive passive capital inflows from index funds, which could significantly reduce their market appeal. Stay tuned for developments — this is only the beginning of a structural overhaul.