MSCI's new non-operating company screen could push Strategy and Metaplanet out of global indexes. The consultation runs through September 30 with a decision due in October.
MSCI is weighing a rule change that could push Strategy and Metaplanet out of its global equity indexes, this time through a broad non-operating company screen rather than a crypto-specific carveout. The index provider launched a consultation that targets firms deriving most of their value from asset holdings and external capital, not operating businesses. Under the proposed methodology, Strategy, Metaplanet, and uranium holder Yellow Cake would have been removed from the MSCI ACWI IMI Index if the screen were applied using May 2026 data.
The test works in two stages. A company is first checked on whether operating assets exceed 50% of total assets. Those passing that hurdle face no further review. Those failing move to a second screen built around five ratios: operating asset intensity, expense intensity, operating cash flow, fair value intensity, and capital dependence. A firm fails the eligibility test if it does not clear at least four of the five. MSCI described the framework as measuring how much value comes from business operations versus holding assets and relying on external financing.
Both Strategy and Metaplanet run large bitcoin treasuries that dwarf their operating footprints. Strategy holds 840,447 bitcoin worth roughly $53.18 billion, making it the largest publicly listed holder. Metaplanet owns 43,000 bitcoin valued above $2 billion. Their asset composition means operating assets likely fall short of the 50% threshold, pushing them into the second screen where the five-ratio test would probably eliminate them. The earlier consultation, launched in October 2025, specifically targeted digital asset treasury firms with 50% or more of assets in bitcoin or other cryptocurrencies. That proposal identified 39 companies and was deferred after industry backlash and market volatility.
The new approach avoids singling out crypto, but the effect could be the same for the two best-known bitcoin treasury companies. MSCI is collecting feedback through September 30 and plans to announce its decision around October 16. Any adopted changes would take effect no earlier than the November 2026 index review, giving affected firms and their investors a long window of uncertainty.
For passive managers tracking MSCI's indices, the stakes are straightforward. Strategy and Metaplanet are each held in dozens of index funds and ETFs linked to the MSCI ACWI, MSCI World, and related benchmarks. Removal would force those funds to sell positions worth hundreds of millions of dollars, potentially hitting the share prices before any rebalancing delta.
Neither company has commented publicly on the consultation. Strategy's MSTR stock page carries an Alpha Score of 36 out of 100, rated Mixed. MSCI Inc. itself scores 46, also Mixed, reflecting its own exposure to the index industry's dynamics.
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