Strategy and Metaplanet may be dropped from MSCI indices due to new rules for "non-operating" companies.
The world's largest stock index provider, MSCI, has launched a consultation on changing the criteria for including companies in its global indices. The focus is on filtering out "non-operating" companies—those whose business is built not on production or services, but on asset ownership. A simulation based on May 2026 data showed that Strategy (formerly MicroStrategy) and Japan's Metaplanet would drop out of the indices. Yellow Cake PLC—a company holding physical uranium—also made it onto this list.
MSCI is a benchmark for asset managers worldwide. Index funds tracking its benchmarks are required to replicate the index composition. Any change in selection criteria could trigger massive purchases or sales worth trillions of dollars. Therefore, this new initiative is not just a formality, but a real signal to the market.
Who is at risk of exclusion
In the second stage of the review, MSCI plans to assess companies based on five financial ratios, including the balance sheet's saturation with operating assets, cash flow, and growth dependence on external financing. If a company fails four out of five tests, it is removed from the index.
The key filter is the share of operating assets on the balance sheet. If it falls below 50%, the company enters the risk zone. This is exactly where bitcoin holders "stumble." Strategy, whose business model relies on issuing shares and bonds to buy up BTC, clearly does not meet the new requirements. Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve, also fails the criteria. Notably, Yellow Cake—a company unrelated to cryptocurrencies but holding physical uranium—also got caught in the crossfire.
Transitional measures and public watchlist
However, MSCI is softening the blow for existing participants. Exclusion from the index will only occur after two consecutive failed reviews. Additionally, three more companies, including SharpLink with ETH reserves, will be added to the public watchlist. For them, the risk of exclusion will only become relevant after a second failure.
The consultation period will end on September 30. Results will be announced on October 16, and changes will take effect during the November 2026 index review.
My take: This MSCI decision is a precedent that could change the rules of the game for all public companies using their balance sheets as a tool for accumulating digital assets. Dropping out of indices will cut them off from capital inflows from passive funds, directly hitting liquidity and valuation. In the long term, this could force issuers to rethink their strategies—or create new structures more "friendly" to traditional indices. The market should keep a close eye on the October announcements.