TL;DR
Strategy and Metaplanet are again facing potential exclusion from MSCI’s Global Investable Market Indexes, months after the index provider deferred a crypto-specific rule that would have targeted digital asset treasury companies. The latest consultation takes a broader approach, focusing on so-called non-operating companies rather than cryptocurrency holdings alone. The notable twist is that a rule no longer written specifically for crypto could still capture two of the sector’s best-known bitcoin treasury firms. If the proposed screen were applied using May 2026 data, Strategy, Metaplanet and uranium holder Yellow Cake would have been removed from the MSCI ACWI IMI Index.
The proposed methodology begins by checking whether operating assets account for more than 50% of a company’s total assets. Companies that pass would face no further review. Those that fail would move to a second screen built around five ratios covering operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. A company would become ineligible if it failed at least four of those five tests, creating a framework that measures how much value comes from operating businesses versus holding assets and relying on external capital under the proposed eligibility framework.
That distinction puts Strategy and Metaplanet back under scrutiny because both have built enormous bitcoin positions. Strategy holds 840,447 BTC worth about $53.18 billion, making it the largest publicly listed bitcoin holder, while Metaplanet owns 43,000 BTC valued above $2 billion. Their scale makes the consultation consequential even though bitcoin is no longer the explicit trigger. MSCI says the targeted category includes companies that create value by accumulating non-operating assets, generate limited operating cash and depend heavily on outside financing to expand. That profile is central to how the screen operates.
The new proposal follows an earlier consultation launched in October 2025 that specifically targeted digital asset treasury firms holding 50% or more of their assets in bitcoin or other cryptocurrencies. That proposal identified 39 companies and was eventually deferred after industry backlash and market volatility. Nothing is decided under the new framework either. MSCI is collecting feedback through September 30, plans to announce results around October 16 and says any adopted changes would take effect no earlier than the November 2026 index review, leaving Strategy and Metaplanet with another period of uncertainty for passive-index investors globally.
