MSCI Puts Strategy, Metaplanet Back in Crosshairs With New Index Proposal

Top publicly listed Bitcoin holders Strategy (MSTR) and Metaplanet (3350) are once again facing potential exclusion from MSCI indexes, months after avoiding an earlier rule targeting crypto treasury companies.

MSCI opened a new consultation in August proposing a framework to identify and exclude “non-operating companies” from its Global Investable Market Indexes. Unlike its previous proposal, the new approach does not explicitly target cryptocurrency holdings. Instead, it evaluates companies using five financial ratios.

Had the proposed MSCI screening methodology been applied to the MSCI ACWI IMI Index using crypto holdings as of May 2026, three companies would have been removed: Strategy, Metaplanet and Yellow Cake. While Strategy and Metaplanet are major Bitcoin treasury companies, Yellow Cake holds uranium rather than cryptocurrency.

Strategy, the world's largest publicly traded Bitcoin holder, has accumulated 840,447 BTC worth about $53.18 billion since 2020, according to Bitcoin Treasuries. Japan-listed Metaplanet holds 43,000 BTC valued at more than $2 billion.

Under MSCI's proposed methodology, companies first face a core test determining whether operating assets represent more than 50% of total assets. Companies passing that threshold face no additional scrutiny. Those that fail move to a second screen covering five measures: operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. Failing four of the five tests would make a company ineligible for MSCI index inclusion.

MSCI describes non-operating companies as businesses that primarily create value by accumulating and holding non-operating assets, generate limited cash flow from operations and rely heavily on external financing to expand.

The proposal follows MSCI's October 2025 consultation targeting “digital asset treasury” companies with at least 50% of their assets held in Bitcoin or other cryptocurrencies. That plan identified 39 companies and sparked industry opposition before MSCI ultimately deferred it.

No decision has been made on the latest proposal. MSCI is accepting market feedback through Sept. 30 and plans to announce consultation results on Oct. 16. If approved, any changes are expected to take effect during the November 2026 index review.