MicroStrategy and Metaplanet strategy under threat: MSCI tightens rules for "non-operating" companies
MSCI, a global provider of stock indices, has initiated consultations on a proposal that could radically change the landscape for companies whose business model is built around holding digital or commodity assets rather than operational activities. According to my analysis, if the changes are approved, giants such as Strategy and Metaplanet will be excluded from the MSCI Global Investable Market Indexes (GIMI).
The essence of the initiative is to introduce strict financial criteria for inclusion in the indices. This involves five key ratios, including the share of operating assets on the balance sheet, cash flow, and the dependence of growth on external financing. A company will be excluded if it fails four of the five tests. This is a direct blow to structures that function more like investment funds rather than traditional businesses.
Who is at risk
My analysis shows that companies using share and bond issuance to accumulate bitcoins will be the first to fall under the new rules. Strategy, with its aggressive BTC buying strategy, and Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve, are obvious candidates for exclusion. Their operating assets account for less than half of their balance sheets, which automatically triggers the second stage of review. Also on the exclusion list is Yellow Cake PLC, a company that holds physical uranium and does not conduct operational activities.
It is important to note that MSCI proposes a "transition period" for existing index members. Exclusion will only occur after two consecutive failed reviews, giving companies time to adapt. Additionally, three companies, including SharpLink with ETH reserves, will be placed on a public watchlist.
Timeline and consequences
Consultations will end on September 30, and the final decision will be announced on October 16. The changes will take effect during the November 2026 index review. This decision will set an important precedent for other index providers, which will have to determine the fate of similar "crypto companies."
My expert opinion: This is a landmark moment. MSCI is effectively signaling that public companies that have turned into proxy funds for bitcoin can no longer count on inclusion in "blue chips." For Strategy and Metaplanet, this is not just a technical risk—it is a potential outflow of billions of dollars from index funds, which could increase pressure on their shares. Investors should closely monitor developments, as this could mark the beginning of a broader adjustment in approaches to valuing such structures.