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Bitcoin holders Strategy and Metaplanet face stock-index exclusion under MSCI’s new proposal
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MSCI has opened a new consultation that could remove major bitcoin treasury firms, including Strategy and Metaplanet, from its Global Investable Market Indexes. The proposal targets "non-operating companies" broadly, using financial ratios rather than crypto-specific thresholds. If applied to current data, the screen would eject Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI Index.
The move comes months after MSCI deferred an earlier proposal that specifically targeted "digital asset treasury" firms holding 50% or more of assets in bitcoin or other cryptocurrencies. That earlier plan named 39 companies and triggered industry backlash and crypto market volatility. The new consultation avoids naming bitcoin explicitly but describes non-operating companies as those that "create value by accumulating and holding non-operating assets."
The proposed screen works in two steps. First, a core screen checks whether operating assets exceed 50% of total assets; if so, the company passes. If not, an exclusion screen applies five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A company is deemed ineligible if it fails at least four of the five tests.
Nasdaq-listed Strategy has accumulated 840,447 BTC, worth about $53.18 billion, since 2020, making it the largest publicly listed bitcoin holder. Tokyo-listed Metaplanet holds 43,000 BTC, valued at over $2 billion. Yellow Cake is a listed holder of uranium rather than bitcoin. All three would be removed under the proposed screen using data from May 2026.
Exclusion from MSCI's indexes would force passive funds tracking the ACWI IMI to sell their positions in these companies. That could pressure share prices and increase volatility, especially for smaller names like Metaplanet. More broadly, the proposal signals growing scrutiny of balance-sheet strategies that rely on appreciating assets rather than operational cash flow.
MSCI has invited market participants to provide feedback through Sept. 30, with results expected Oct. 16. The earlier crypto-specific proposal faced significant opposition from the industry and was ultimately deferred. MSCI's new approach appears designed to withstand similar criticism by applying a general financial screen rather than a crypto-focused rule.
Any changes from the consultation would be folded into the November 2026 index review if adopted. MSCI stressed that nothing is decided yet. The outcome will be closely watched by bitcoin treasury companies and the broader market.
