MSCI indices are preparing to exclude Strategy and Metaplanet: a new era for "treasury" companies
International stock index provider MSCI has launched consultations on a project that could fundamentally change the rules of the game for an entire class of public companies. This concerns the potential exclusion of so-called "non-operating" firms from the global GIMI indices. My calculations, based on the May 2026 simulation, show that Strategy and Metaplanet—the two most prominent corporate bitcoin holders in the world—are the first to be hit.
MSCI, formerly known as Morgan Stanley Capital International, is a benchmark for asset managers worldwide. Index funds, whose combined volume is measured in trillions of dollars, are required to mirror the composition of the indices. Any change in selection criteria here is a trigger for large-scale buying or selling.
The essence of the new filter
The project proposes the introduction of five financial 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 out of five tests. In effect, MSCI is targeting structures that behave like investment funds rather than operating businesses.
The first stage of the filter is already clear: if operating assets account for less than half of the balance sheet, the company enters a second round of review. This is precisely where Strategy and Metaplanet "stumble." Their business model is issuing shares and bonds to build up BTC reserves, not developing software or a hotel business. This is pure financial engineering, which MSCI now refuses to consider operating activity.
Victims and transition period
Interestingly, it is not only the crypto industry that comes under fire. On the exclusion list is Yellow Cake PLC, a company that stores physical uranium and conducts no operating activity whatsoever. This confirms that the problem is not bitcoin, but the very nature of "treasury" companies.
However, there are mitigating circumstances. MSCI proposes a softer threshold for existing index members: exclusion will occur only after two consecutive failed reviews. Additionally, three companies will be placed on the public watchlist, including SharpLink with ETH reserves—they face exclusion only upon a repeated 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 analysis: This is not just a technical adjustment, but a signal of market maturity. MSCI is effectively saying: "financial focus" should not replace real business. For Strategy and Metaplanet, this is a challenge—they will either have to prove their operational viability or accept the loss of capital inflows from index funds. MSCI's decision could set a precedent for other providers, and in the long term, we may see a reconsideration of the very model of "corporate treasury" in public companies. Investors should closely monitor developments—volatility in these securities is guaranteed.