Strategy under fire: MSCI intends to exclude Strategy and Metaplanet from global indices
International stock index provider MSCI (formerly Morgan Stanley Capital International) has launched consultations on a project that could radically reshape the landscape of global investment indices. The proposal concerns excluding so-called "non-operating companies" from the Global Investable Market Indices (GIMI). According to a simulation conducted for May 2026, two companies iconic to the crypto industry are in the crosshairs—Strategy (formerly MicroStrategy) and Japan's Metaplanet. Alongside them, Yellow Cake PLC, which specializes in storing physical uranium, could also leave the index.
What is MSCI proposing?
The essence of the initiative is to introduce additional filters for companies whose business model resembles an investment fund more than operational activity. The first stage checks the share of operating assets on the balance sheet: if it is less than 50%, the company moves to the second stage of assessment. There, five financial ratios are applied, including balance sheet saturation with operating assets, cash flow, and dependence of growth on external financing. To remain in the index, a company must successfully pass at least four of the five tests.
For Strategy, this model is a death sentence. The company, whose strategy is built on issuing shares and bonds to buy up bitcoins, has essentially turned into a corporate fund for holding BTC. Its operational business—software development—has taken a back seat. The situation is similar for Metaplanet, which has amassed the third-largest corporate bitcoin reserve in the world through share sales. The MSCI filter triggers unconditionally for both companies.
Transitional measures and public watchlist
MSCI proposes a softer threshold for existing index members than for new candidates. Exclusion would only occur after two consecutive failed assessments. Additionally, three more companies will be added to the new public watchlist, including SharpLink with ETH reserves. They face exclusion only if they fail the annual assessment again. As for Yellow Cake, it violates the same criteria as bitcoin holders, although it has nothing to do with cryptocurrencies.
MSCI consultations will end on September 30. Results will be announced on October 16, and changes will take effect during the index review in November 2026.
MSCI's decision could set a precedent for other index providers, which will have to determine the fate of public companies that have built their financial strategy around digital assets. This is a signal for the entire market: the era of "bitcoin treasuries" as an easy way to attract institutional capital may be coming to an end.
My analysis: Exclusion from MSCI indices is not just a formality. Index funds managing trillions of dollars are obligated to replicate the index composition, which will inevitably trigger massive sell-offs of Strategy and Metaplanet shares. Investors focused on long-term holding of these securities should assess liquidity risks and potential pressure on quotes in advance. However, for MSCI itself, this step looks logical: the market demands a clear separation between operating companies and investment vehicles.