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 a benchmark for asset management worldwide, has launched consultations on a project that could radically change the composition of the global GIMI indices. The proposal involves introducing strict criteria for so-called "non-operating" companies — those whose business is built not on manufacturing or services, but on asset ownership. My simulation based on May 2026 data shows that Strategy and Metaplanet — the two most prominent corporate bitcoin holders — would be hit first. Also on the exit list is Yellow Cake PLC, which specializes in uranium storage.
What exactly is MSCI proposing?
The essence of the initiative is to introduce a five-step filter of financial ratios: from the saturation of the balance sheet with operating assets to cash flow and the dependence of growth on external financing. A company would be excluded if it fails four out of five tests. The first barrier — operating assets must account for less than half of the balance sheet. This is precisely where bitcoin treasurers stumble: their core value lies in digital reserves, not in their primary business.
Strategy, formerly known as MicroStrategy, has long transformed into a BTC accumulation vehicle, issuing shares and bonds to buy up coins. Metaplanet, which has amassed the world's third-largest corporate bitcoin reserve through equity placements, follows the same model. For MSCI, such structures are more like investment funds than operating companies, which contradicts the very idea of a "working" market index.
Transition period and public watchlist
However, MSCI also proposes a softer regime for existing constituents: they would only be excluded after two consecutive failed reviews. In addition, three more companies would be added to the new public watchlist, including SharpLink with ETH reserves — they would only face exclusion if they fail the tests again. Yellow Cake, which holds physical uranium, violates the same criteria as bitcoin holders, although it has no direct connection to the crypto market.
Consultations will run until September 30, results will be announced on October 16, and actual changes will take effect during the November 2026 index review. This gives the market time to adapt, but does not negate the main point: MSCI's decision could set a precedent for other providers, determining the fate of public companies that have built their strategy around digital assets.
My view: This is not just a technical adjustment, but a signal of market maturity. Institutional investors who follow indices will receive a clear signal: crypto asset holders can no longer disguise themselves as operating businesses. For Strategy and Metaplanet, this is a challenge that will force them to either diversify their model or accept the loss of passive capital inflows. In the long term, such filters are a step toward transparency, but in the short term they could trigger a wave of selling.