MSCI, a major global stock index provider, has approved new eligibility requirements that could exclude prominent corporate Bitcoin holders Strategy and Metaplanet from its equity benchmarks. The revised framework follows a proposal the company introduced in August.
Under the finalized policy announced Thursday, companies primarily focused on holding investments instead of operating businesses will no longer qualify for MSCI’s Global Investable Market Indexes. MSCI expects to identify the companies affected by the changes on November 11, with implementation scheduled for the market close on November 30.
The potential removals could have a meaningful impact on the companies’ share prices because index-tracking funds must adjust their portfolios whenever benchmark constituents change. When a stock enters an index, passive funds generally purchase shares to reflect the new weighting. If a company is removed, those funds typically sell their holdings, regardless of their view of the business.
Decentralized infrastructure network ZEROBASE said the decision exposes a growing conflict between conventional index methodologies and companies that use Bitcoin as a central component of their treasury strategy. It warned that passive investment has become a significant source of demand for these stocks and that a prolonged reduction in buying pressure could restrict companies’ ability to issue shares to finance additional Bitcoin acquisitions.
Strategy Faces the Biggest Potential Impact
Strategy, headquartered in Tysons Corner, Virginia, is particularly exposed to the proposed changes. According to Bitcoin Treasuries, the company holds 848,250 BTC worth approximately $69.67 billion, making it the largest publicly traded corporate Bitcoin holder.
The company has regularly raised funds to acquire additional Bitcoin through securities offerings, including preferred shares such as STRC and STRK.
JPMorgan analysts estimate that Strategy’s exclusion from relevant indexes could result in approximately $2.8 billion in outflows from its stock. Strategy shares closed at $151.29 on Thursday, around 72% below their record high of $543, reached in November 2024.
Metaplanet, the Tokyo-based company pursuing a similar Bitcoin treasury strategy, could also face index-related selling pressure. Its shares closed at 277 yen, equivalent to approximately $1.75, on Friday, according to TradingView. The stock previously reached 1,930 yen in June 2025.
The proposed changes would affect demand for the companies’ shares, not automatically trigger sales of their Bitcoin holdings. Index-tracking funds could dispose of their equity positions without requiring either company to sell its cryptocurrency reserves.
However, weaker demand for the stocks could make future capital raises more difficult. Both companies have relied on financial markets to support their strategies of expanding their Bitcoin holdings, making access to equity financing an important consideration.
Strategy founder Michael Saylor has opposed classifying the company as an investment fund. He describes the business as an operating company with a software division alongside a separate Bitcoin treasury operation. Formerly known as MicroStrategy, Strategy provides business intelligence software to companies such as Coca-Cola and Porsche.
How MSCI Will Assess Companies Under the New Framework
MSCI already prevents investment funds and similar entities from entering its equity indexes. The updated rules extend that principle to operating companies whose financial structures increasingly resemble those of investment vehicles.
The assessment begins by examining whether a company owns substantial assets connected to genuine business operations. Firms that fail this initial screening will face a second assessment involving five financial ratios related to expenses, cash flow, asset-value changes and dependence on external funding.
A company will be deemed ineligible if it fails at least four of the five financial tests.
MSCI has also introduced measures intended to avoid frequent changes in index membership. Companies already included in an index will be removed only if they fail the screening in both of their two most recent annual reporting periods. Firms seeking entry will be excluded if they fail the assessment in either of those periods.
An initial screening based on May 2026 data identified three companies that could be removed from MSCI’s ACWI Investable Market Index: Strategy, Metaplanet and Yellow Cake, a British uranium investment company.
MSCI is also discontinuing temporary measures introduced in October 2025 for companies holding digital assets worth at least 50% of their total assets. Those provisions restricted increases in the share counts used for index calculations and delayed additions or movements between index size categories for the affected businesses.
Starting with the November review, companies previously covered by those temporary arrangements will be assessed under the new eligibility rules.
The outcome could have consequences beyond index membership. For Strategy and Metaplanet, reduced passive investment demand could affect equity valuations and their ability to raise fresh capital, potentially complicating plans to expand their Bitcoin treasuries.
