Strategy and Metaplanet are once again facing potential exclusion from MSCI indexes after the index provider launched a new consultation targeting companies it classifies as “non-operating.”
The proposal comes months after MSCI backed away from a separate initiative aimed directly at companies with large cryptocurrency holdings. This time, the proposed rules would apply more broadly and determine eligibility using five financial metrics rather than a specific cryptocurrency ownership threshold.
If the proposed methodology had been applied to the MSCI ACWI IMI Index using data from May 2026, Strategy (MSTR), Metaplanet (3350) and Yellow Cake would have been removed.
Strategy has accumulated 840,447 BTC, currently worth about $53.18 billion, since beginning its Bitcoin treasury strategy in 2020. That makes it the largest publicly traded corporate Bitcoin holder, according to Bitcoin Treasuries. Metaplanet, which trades in Tokyo, owns approximately 43,000 BTC worth more than $2 billion. Yellow Cake is also an asset-holding company, but its portfolio consists of uranium rather than Bitcoin.
How the Proposed MSCI Screen Would Work
MSCI’s proposed methodology would first determine whether a company’s operating assets account for more than half of its total assets. Companies passing this initial test would not face additional review.
Those that fail would move to a second screening process based on five indicators: operating asset intensity, expense intensity, cash flow, fair-value intensity and capital dependence.
Firms that fail four or more of the five tests could become ineligible for inclusion in MSCI indexes.
Although the proposal does not specifically mention Bitcoin treasury companies, MSCI’s description of a “non-operating company” could apply to businesses that primarily accumulate and hold assets rather than generate value through conventional operations.
MSCI said the category includes companies that rely on non-operating assets to create value, generate limited cash flow from their underlying businesses and depend on external financing to support growth.
Companies already included in the indexes would be evaluated under the applicable criteria, while companies seeking inclusion would face more stringent thresholds based on their latest financial filing.
MSCI Previously Targeted Crypto Treasury Companies
The latest consultation follows a separate proposal launched in October 2025 that directly addressed digital asset treasury companies. That plan would have targeted businesses holding at least 50% of their assets in Bitcoin or other cryptocurrencies.
The proposal identified 39 companies and contributed to market volatility while drawing criticism from the broader crypto industry. MSCI later postponed the initiative.
MSCI Has Yet to Make a Final Decision
The latest proposal remains open for public feedback. MSCI is accepting submissions until Sept. 30 and plans to announce the outcome around Oct. 16.
If the changes are approved, they would be incorporated into MSCI’s November 2026 index review. Until then, the potential removal of Strategy, Metaplanet and other affected companies remains uncertain.
