MarketsBitcoin firms Strategy and Metaplanet may face exclusion from stock indexes under MSCI’s latest proposal.

MSCI Proposes New Rules Affecting Non-Operating Companies

By Omkar Godbole39 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on

MSCI's latest proposal may impact Strategy and Metaplanet. (MSCI)
  • MSCI has initiated a consultation that may lead to the exclusion of "non-operating companies," which could include significant bitcoin treasury firms like Strategy and Metaplanet, from its Global Investable Market Indexes.
  • The suggested rules would implement a two-step screening process based on the proportion of operating assets and five financial ratios, with companies failing at least four of the ratios being ineligible for index inclusion.
  • If the current data were applied, this screening would have resulted in the exclusion of Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI Index, though MSCI is open to feedback until September 30, and any adjustments would not take effect before the November 2026 review.

    • Strategy (MSTR) and Metaplanet (3350), two prominent publicly traded bitcoin holding companies, find themselves facing potential exclusion from MSCI’s indexes once again, after previously avoiding a crypto-specific exclusion rule.

    In its recent consultation, MSCI proposed identifying and potentially excluding "non-operating companies" from its Global Investable Market Indexes, basing this classification on five financial ratios rather than solely on cryptocurrency holdings.

    Should this screening be applied to the MSCI ACWI IMI Index using data from May 2026, it would have led to the removal of Strategy, Metaplanet, and Yellow Cake.

    Strategy has amassed 840,447 BTC (valued at $53.18 billion) since 2020, establishing itself as the largest publicly listed bitcoin holding company. Meanwhile, Metaplanet has acquired 43,000 BTC, worth over $2 billion, while Yellow Cake is a publicly listed company that holds uranium.

    Understanding the Proposed Screening Process

    The screening begins with a primary assessment to see if a company's operating assets represent more than 50% of its total assets. If this condition is met, no further evaluation is necessary.

    If a company does not meet this criterion, it undergoes a secondary exclusion screening that evaluates five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A company becomes ineligible for index inclusion if it fails four out of these five ratios.

    MSCI describes these non-operating companies as those that primarily create value by holding non-operating assets, do not generate substantial cash from operations, and rely on external capital for growth. Companies not already included in the index will face stricter standards based on their most recent filing.

    A previous consultation initiated in October 2025 aimed specifically at "digital asset treasury" firms holding 50% or more of their assets in bitcoin or other cryptocurrencies, identifying 39 companies and causing significant volatility in the crypto market. This proposal was ultimately postponed.

    Next Steps and Timeline

    MSCI is currently seeking feedback from stakeholders until September 30, with results expected to be shared around October 16.

    Any potential changes stemming from this consultation would be incorporated into the November 2026 index review, provided the proposal is approved.

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