Key Takeaways
- MSCI launched a consultation to potentially exclude “non-operating companies” from its Global Investable Market Indexes
- Both Strategy and Metaplanet have been identified as candidates for potential exclusion under the proposed framework
- Testing conducted with May 2026 data indicated both firms would be removed from the MSCI ACWI IMI Index
- The proposed framework evaluates companies based on five distinct financial metrics, independent of cryptocurrency exposure
- Public comment period ends September 30, final determination expected October 16, with potential implementation in November 2026
Global index compiler MSCI has introduced a proposed screening framework that may result in the exclusion of bitcoin-focused treasury firms Strategy and Metaplanet from its Global Investable Market Indexes.
The consultation, launched earlier this month, focuses on identifying what MSCI characterizes as “non-operating companies.” The framework employs five distinct financial metrics to assess whether companies meet the criteria for continued index membership.
Testing performed using May 2026 financial data indicated that Strategy, Metaplanet, and uranium-focused investment vehicle Yellow Cake would be removed from the MSCI ACWI IMI Index if the proposed guidelines are implemented. Meanwhile, SharpLink, Center Laboratories, and Lydia Holding would be added to a publicly accessible monitoring list.
Strategy maintains a treasury of 840,447 Bitcoin, valued at approximately $53.18 billion at current prices, positioning it as the world’s largest publicly traded bitcoin holder. Metaplanet’s holdings total 43,000 Bitcoin, representing a value exceeding $2 billion.
Understanding the Dual-Phase Assessment Process
The evaluation framework begins with an initial screening test. Companies whose operating assets represent more than 50% of their total asset base automatically pass and require no additional analysis.
Firms that don’t meet this initial threshold proceed to a secondary evaluation examining five financial indicators: operating asset concentration, expense intensity ratio, cash flow generation, fair value composition, and capital dependency metrics.
Companies are deemed ineligible when they fail the initial screen and simultaneously trigger at least four of the five secondary exclusion criteria. The proposed benchmarks include operating assets comprising less than 20% of total assets, operating expenses below 5% of total assets, and negative operational cash generation.
Companies already included in MSCI indexes benefit from more lenient thresholds and would require consecutive annual filing failures before facing removal. Strategy carries a free-float-adjusted market capitalization of $23.9 billion, making it the largest entity identified in the simulation.
Historical Context and Market Implications
This marks MSCI’s second examination of bitcoin treasury enterprises. In October 2025, MSCI initiated a consultation specifically addressing companies holding 50% or more of their assets in digital currencies. That earlier proposal identified 39 entities and caused significant market fluctuations before being postponed.
In January 2026, MSCI announced it would delay excluding digital asset treasury firms while expanding its review to encompass non-operating companies more broadly. The current framework represents the outcome of that comprehensive analysis.
JPMorgan analysts projected last year that Strategy’s removal from MSCI benchmarks could precipitate approximately $2.8 billion in outflows from passive investment vehicles.
MSCI stated the new methodology aims to minimize unnecessary portfolio churn. Only persistent structural changes in a company’s operations would trigger exclusion, not isolated threshold breaches.
The public feedback window concludes September 30. MSCI anticipates releasing findings approximately October 16. Should the framework be approved, implementation would occur during the November 2026 index rebalancing.
Currently, no index modifications have been enacted.
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