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Strategy could face MSCI index removal under proposed rule

MSCI is consulting on a framework that could exclude so-called non-operating companies from its indexes, which may force selling by index-tracking funds if adopted in its current form.

Reported · Written up by our desk · Market Structure

Bitcoin Treasury Strategy, the company behind the Strategy Bitcoin treasury approach, said it could be removed from MSCI indexes after the index provider flagged a possible rule change affecting “Non-Operating Companies.” Bitcoin Magazine reports MSCI is consulting on a plan to make those companies ineligible for its Global Investable Market Indexes, which would reduce visibility to institutional investors.

MSCI said the change would likely target firms known more for holding digital assets than for running traditional operating businesses. The proposal is framed around how such companies are defined for index eligibility, with Bitcoin Magazine saying the consultation also included other digital-asset related issuers like Japan-based Metaplanet and uranium investment company Yellow Cake.

Based on financial filings as of May 2026, Bitcoin Magazine reports Strategy and Metaplanet already appear to meet the criteria for removal under MSCI’s proposed rule. If MSCI adopts it as written and their profiles do not change, both companies could be deleted from the MSCI ACWI IMI Index as part of the November 2026 Index Review, a process that could trigger forced selling by index-tracking funds and reduce future passive inflows.

MSCI is collecting feedback through September 30, and the index provider told the market the consultation “may or may not result in changes to MSCI indexes.” In response, Bitcoin Magazine reports Strategy argued that digital assets are assets and that index providers should measure markets rather than decide which assets companies are allowed to own.

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