TLDR
- MSCI has opened a new consultation proposing to exclude “non-operating companies” from its Global Investable Market Indexes
- Strategy and Metaplanet are both flagged for potential removal under the new proposal
- A simulation using May 2026 data showed both companies would be deleted from the MSCI ACWI IMI Index
- The new screen uses five financial ratios, not just crypto holdings, to determine eligibility
- Feedback closes September 30, with results expected October 16 and changes possibly taking effect in November 2026
Index provider MSCI has proposed a new eligibility screen that could remove bitcoin treasury companies Strategy and Metaplanet from its Global Investable Market Indexes.
JUST IN: MSCI could REMOVE Michael Saylor's Strategy and Metaplanet from indexes 👀
• Study looks cash flow & 'real business'
• Hits firms that raise cash to buy assets
• Still under review, decision due in October pic.twitter.com/gccfAliDyR
— Bitcoin Archive (@BitcoinArchive) August 13, 2026
MSCI opened the consultation this month, targeting what it calls “non-operating companies.” The proposal uses five financial ratios to determine whether a company qualifies for index inclusion.
A simulation run on May 2026 data showed that Strategy, Metaplanet, and uranium investment firm Yellow Cake would be deleted from the MSCI ACWI IMI Index under the new rules. SharpLink, Center Laboratories, and Lydia Holding would be placed on a public watchlist.
Strategy holds 840,447 Bitcoin, currently worth around $53.18 billion, making it the largest publicly listed bitcoin holder. Metaplanet holds 43,000 Bitcoin, worth over $2 billion.
How the Two-Step Screen Works
The proposed methodology starts with a core screen. If a company’s operating assets make up more than 50% of its total assets, it passes and faces no further review.
If it fails that test, it moves to a second stage involving five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence.
A company is considered ineligible if it fails the core screen and triggers at least four of the five exclusion flags. The proposed thresholds include operating assets below 20% of total assets, operating expenses below 5% of total assets, and negative operating cash flow.
Current index members face less strict thresholds and would need to fail the screen for two consecutive annual filings before being removed. Strategy has a free-float-adjusted market cap of $23.9 billion and is the largest company flagged under the simulation.
Background and Potential Market Impact
This is not the first time MSCI has looked at bitcoin treasury firms. In October 2025, MSCI opened a consultation specifically targeting companies with 50% or more of assets in digital currencies. That proposal named 39 companies and triggered market volatility. It was ultimately deferred.
In January 2026, MSCI said it would not exclude digital asset treasury companies immediately and would instead look more broadly at non-operating companies. The current proposal is a result of that broader review.
JPMorgan analysts estimated last year that removing Strategy from MSCI indexes could trigger around $2.8 billion in passive fund outflows.
MSCI said the new framework is designed to limit unnecessary index turnover. Only a sustained change in business structure would trigger removal, not a single missed threshold.
The consultation period closes September 30. MSCI expects to publish results around October 16. Any changes would be folded into the November 2026 index review, if the proposal is adopted.
No index changes have been made yet.
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