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MSCI proposal could remove bitcoin firms Strategy and Metaplanet from indexes

The draft screen would apply a two-step “non-operating company” test, and if it were used on May 2026 data it would also delete Yellow Cake from the MSCI ACWI IMI Index.

Reported · Written up by our desk · Market Structure

MSCI has opened a consultation on potential changes to its Global Investable Market Indexes that could exclude “non-operating companies,” a category that may include major publicly listed bitcoin treasury firms such as Strategy and Metaplanet, CoinDesk reports.

The proposed framework would first check whether a company’s operating assets make up more than 50% of total assets. If operating assets do not exceed that threshold, the company would then be evaluated with five financial ratios, including operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence, and it would be deemed ineligible if it fails at least four of the five.

According to the article, if MSCI applied the screen to current data, it could have removed Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI Index. MSCI is seeking feedback through Sept. 30, and any changes would not take effect no earlier than the November 2026 review.

The story also notes the scale of the firms’ bitcoin holdings, citing data from Bitcoin Treasuries, with Nasdaq-listed Strategy reported to have accumulated 840,447 BTC since 2020, while Tokyo-listed Metaplanet has snapped up 43,000 BTC. The Block similarly flags that Strategy and Metaplanet could face index removal under the new proposal.

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