Strategy on the Edge: Strategy and Metaplanet May Leave MSCI Indices Due to New Rules
The largest bitcoin holders among public companies — Strategy and Metaplanet — are at risk of being excluded from the global MSCI indices. The reason is a new consultation proposal aimed at filtering out "non-operational" companies whose business model is built around investments in digital assets rather than traditional operational activities.
MSCI, one of the world's leading stock index providers, is considering tightening the selection criteria for its global indices (GIMI). According to a simulation conducted for May 2026, after the implementation of the new rules, Strategy and Metaplanet will be excluded from the indices. Yellow Cake PLC — a company specializing in the storage of physical uranium — also made it onto this list, highlighting the systemic nature of the changes.
The essence of the new requirements
The proposal involves the introduction of five financial ratios, including the share of operational assets on the balance sheet, cash flow, and dependence on external financing. A company will be excluded if it fails four out of five tests. The primary filter cuts off firms whose operational assets account for less than half of the balance sheet — this is precisely the criterion that Strategy and Metaplanet fall under, as their corporate treasuries consist predominantly of bitcoin.
For existing index members, MSCI plans to set a softer threshold than for new candidates: exclusion will occur only after two consecutive failed checks. This gives companies time to adapt, but does not eliminate the threat.
Who else is at risk?
In addition to Strategy and Metaplanet, three more companies will be added to the public watchlist, including SharpLink with reserves in Ethereum. They failed the annual check, and exclusion threatens them only after a repeated failure. Yellow Cake, although unrelated to cryptocurrencies, violates the same criteria as bitcoin holders — this shows that the new rules hit all "investment vehicles," not just digital assets.
The consultation period will end on September 30, results will be announced on October 16, and the changes will take effect during the index review in November 2026. MSCI's decision could set a precedent for other index providers, which will be forced to determine the fate of companies that have built their financial strategy around digital assets.
My view: This is a landmark signal for the entire market. Exclusion from indices means automatic selling by passive funds, which could trigger short-term pressure on the shares of Strategy and Metaplanet. However, long-term investors who share bitcoin maximalism are unlikely to abandon these assets due to formal criteria. The question is how quickly companies can adapt their structure to meet the new requirements without sacrificing their core strategy.