MSCI Proposal Puts Strategy and Metaplanet at Risk of Stock-Index Exclusion

A new MSCI consultation is taking aim at “non-operating companies,” and two major Bitcoin treasury firms could once again find themselves facing removal from the index provider’s benchmarks.

Strategy (MSTR) and Metaplanet (3350), two of the largest publicly listed Bitcoin holders, are back under MSCI scrutiny months after the companies avoided an earlier proposal targeting crypto-heavy businesses.

This time, MSCI is considering a broader framework that would identify and exclude “non-operating companies” from its Global Investable Market Indexes. Rather than focusing specifically on cryptocurrency holdings, the proposed framework would assess companies using five financial ratios.

If the new criteria had been applied to the MSCI ACWI IMI Index using company data and crypto holdings from May 2026, three companies would have been removed: Strategy, Metaplanet and Yellow Cake.

Strategy, listed on Nasdaq, has accumulated 840,447 BTC worth approximately $53.18 billion since 2020, making it the world’s largest publicly traded Bitcoin holder, according to Bitcoin Treasuries data. Metaplanet, listed in Tokyo, holds about 43,000 BTC valued at more than $2 billion. Yellow Cake is also a publicly listed asset holder, although its holdings consist of uranium rather than Bitcoin.

MSCI’s Proposed Two-Step Screening Process

The proposed methodology would begin with a core test examining whether a company’s operating assets represent more than 50% of its total assets. Companies that meet that requirement would not face additional screening.

Businesses that fail the initial test would then undergo a second exclusion screen based on five measures: operating asset intensity, expense intensity, cash flow, fair-value intensity and capital dependence.

A company would be considered ineligible for index inclusion if it failed at least four of the five tests.

MSCI’s definition of a “non-operating company” closely resembles the characteristics of Bitcoin treasury businesses, even though the proposal does not specifically identify crypto firms.

The index provider describes such companies as businesses that create value primarily by accumulating and holding non-operating assets, generate limited cash flow from their core operations and rely heavily on external capital to expand.

For companies already included in the index, the proposed assessment would use the relevant financial data under the new methodology. Companies seeking inclusion would face stricter thresholds based on their most recent financial filing.

Second Attempt to Address Crypto Treasury Firms

The latest consultation follows an earlier proposal launched in October 2025 that specifically targeted “digital asset treasury” companies. That framework would have applied to firms holding at least 50% of their assets in Bitcoin or other cryptocurrencies.

The earlier proposal identified 39 companies and triggered significant volatility across crypto markets, along with strong opposition from the digital asset industry. MSCI ultimately postponed the proposal.

No Final Decision Yet

The latest proposal remains under consultation, and MSCI is accepting feedback from market participants until Sept. 30. The organization is expected to publish the outcome around two weeks later, on Oct. 16.

If MSCI approves the changes, they would be incorporated into the November 2026 index review. For now, however, no decision has been finalized on whether Strategy, Metaplanet or other companies will actually be removed.

About The Author

ctleditor

See author's posts