Bitcoin holders Strategy and Metaplanet face stock-index exclusion under MSCI’s new proposal
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Summary
MSCI has launched a consultation proposing to exclude "non-operating companies" from its Global Investable Market Indexes, a move that could remove major bitcoin treasury firms like Strategy and Metaplanet. The proposal introduces a two-step screening process using operating asset thresholds and five financial ratios. Based on current data, this would lead to the removal of Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI Index. MSCI is seeking feedback until September 30, 2026, with any changes potentially effective from the November 2026 review.
Why it matters
The development targets firms that primarily accumulate and hold non-operating assets, an approach characteristic of publicly traded bitcoin holding companies. Exclusion from MSCI indexes can impact market visibility and institutional investor participation for affected firms. This consultation follows a prior deferred proposal focused specifically on digital asset treasury firms, indicating MSCI’s ongoing efforts to refine index eligibility amid evolving asset classes.
Key context
MSCI’s earlier October 2025 consultation aimed to exclude companies holding over 50% of assets in cryptocurrencies but faced industry backlash and was postponed. The current proposal shifts to a broader financial ratio-based assessment rather than a crypto holdings threshold. Strategy holds over 840,000 BTC, making it the largest listed bitcoin treasury, while Metaplanet holds about 43,000 BTC. The proposed screening involves checking if operating assets exceed 50% of total assets, followed by tests on ratios like cash flow and capital dependence. Companies failing four of five ratios would be deemed ineligible for index inclusion.
Key numbers and entities
The key companies involved are Strategy (ticker MSTR), which holds around 840,447 BTC valued at $53.18 billion as of May 2026, and Metaplanet (ticker 3350), holding approximately 43,000 BTC worth over $2 billion. Uranium holder Yellow Cake is also potentially impacted. MSCI is the index provider conducting the consultation, with a feedback deadline of September 30, 2026, and results expected around October 16, 2026.
What remains unclear
The proposal is still under consultation, and no decisions have been made regarding final implementation. MSCI has not specified if or how it might adjust the criteria following feedback. The exact impact on market behavior and the companies’ index status remains uncertain until the November 2026 review.