Key Takeaways
- MSCI has launched a consultation aimed at removing “non-operating companies” from its Global Investable Market Indexes
- Bitcoin treasury companies Strategy and Metaplanet have been identified as candidates for exclusion
- Simulations based on May 2026 financial data indicate both firms would be removed from the MSCI ACWI IMI Index
- The proposed screening methodology evaluates companies using five distinct financial metrics, independent of cryptocurrency exposure
- Public comments are due by September 30, with final determinations announced October 16 and potential implementation in November 2026
Major index compiler MSCI has unveiled a consultation proposal that would establish new eligibility requirements potentially disqualifying bitcoin-focused treasury companies Strategy and Metaplanet from its Global Investable Market Indexes.
The consultation, which launched earlier this month, focuses on identifying and excluding what MSCI classifies as “non-operating companies.” The framework applies five distinct financial metrics to assess whether companies meet the criteria for continued index membership.
Testing conducted using May 2026 financial information revealed that Strategy, Metaplanet, and uranium investment company Yellow Cake would face deletion from the MSCI ACWI IMI Index if the proposed standards are implemented. Additional companies including SharpLink, Center Laboratories, and Lydia Holding would be added to a monitoring watchlist.
Strategy maintains a position of 840,447 Bitcoin, valued at approximately $53.18 billion, representing the world’s largest corporate bitcoin treasury. Metaplanet’s holdings stand at 43,000 Bitcoin, valued above $2 billion.
Understanding the Dual-Phase Evaluation Process
The screening framework MSCI has put forward begins with an initial assessment. Companies whose operating assets represent more than 50% of total assets automatically qualify and avoid additional scrutiny.
Companies falling short of this initial benchmark proceed to a secondary evaluation examining five financial indicators: operating asset concentration, expense ratio intensity, cash flow generation, fair value concentration, and capital structure dependency.
Exclusion occurs when a company fails the initial threshold and subsequently triggers warnings on four or more of the five secondary metrics. The proposed exclusion criteria encompass operating assets representing less than 20% of total holdings, operating expenses below 5% of total assets, and negative cash flow from operations.
Companies already included in MSCI indexes benefit from modified thresholds and must fail the evaluation criteria across two successive annual reporting periods before removal. Strategy currently carries a free-float-adjusted market capitalization of $23.9 billion, making it the most significant company identified in the simulation analysis.
Historical Context and Financial Implications
MSCI’s examination of bitcoin treasury corporations isn’t unprecedented. In October 2025, the firm initiated a consultation explicitly focused on companies holding 50% or more of their assets in digital currencies. That consultation identified 39 companies and created significant market uncertainty before being postponed.
By January 2026, MSCI announced it would defer immediate exclusions of digital asset treasury firms while expanding its review to encompass all non-operating company categories. The current consultation represents the outcome of that expanded analysis.
Investment bank JPMorgan published research last year projecting that Strategy’s removal from MSCI indexes would generate approximately $2.8 billion in outflows from passive investment funds tracking those indexes.
MSCI has stated the proposed methodology aims to minimize excessive index rebalancing. Removal would only occur following persistent changes to a company’s operational structure, rather than isolated threshold violations.
The public feedback window closes on September 30. MSCI anticipates releasing final decisions approximately October 16. Should the proposal receive approval, implementation would occur during the November 2026 scheduled index rebalancing.
Currently, no modifications to index composition have been executed.
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