TLDR
- MSCI’s new proposal could exclude Strategy and Metaplanet from its Global Investable Market Indexes.
- The proposed framework uses five financial ratios instead of directly targeting companies with large crypto holdings.
- Strategy holds 840,447 BTC, while Metaplanet holds 43,000 BTC, making both major publicly listed bitcoin holders.
- MSCI said the proposed screen would have removed Strategy, Metaplanet and Yellow Cake based on May 2026 data.
- Market participants can submit feedback until September 30, with MSCI expected to announce results on October 16.
Bitcoin treasury firms Strategy and Metaplanet could face removal from major MSCI stock indexes under a new proposal aimed at screening out companies that rely heavily on non-operating assets.
MSCI opened a consultation this month on a new method for identifying “non-operating companies” within its Global Investable Market Indexes. The plan does not target crypto holdings directly. Instead, it uses financial ratios to judge whether a company has enough operating activity to remain eligible.
Strategy and Metaplanet Face New MSCI Test
The proposed screen would first check whether operating assets make up more than 50% of a company’s total assets. Companies that pass that test would avoid further review under the new framework.
Companies that fail would move to a second screen covering five areas: operating assets, expenses, cash flow, fair value exposure and dependence on outside capital. MSCI would remove a company if it failed four of the five tests.
MSCI said the proposed method, when applied using company data and crypto holdings from May 2026, would have removed Strategy, Metaplanet and Yellow Cake from the MSCI ACWI IMI Index.
Strategy has built the largest bitcoin treasury among publicly listed companies, holding 840,447 BTC worth about $53.18 billion. Metaplanet holds 43,000 BTC, valued at more than $2 billion. Yellow Cake holds uranium rather than bitcoin.
Proposal Replaces Earlier Crypto-Specific Rule
MSCI previously considered a separate rule for digital asset treasury firms. That proposal, opened in October 2025, focused on companies with 50% or more of assets held in bitcoin or other cryptocurrencies.
The earlier plan identified 39 companies and drew criticism from parts of the crypto industry. MSCI later deferred that proposal. The new approach uses broader financial tests and does not name bitcoin as the main trigger.
MSCI is accepting feedback from market participants through September 30. The index provider plans to publish the consultation results on October 16, according to the timetable in the proposal.
If MSCI adopts the new screen, any resulting changes could enter the November 2026 index review. Strategy and Metaplanet therefore remain eligible for now, but both companies face another review of how their business models fit MSCI’s index rules.
The post MSCI Proposal Puts Strategy and Metaplanet Under New Index Test appeared first on Blockonomi.
