MSCI proposes new rule that could remove Strategy and Metaplanet from global stock indexes

MSCI ↗ 2.18% has opened a consultation that could result in Strategy and Metaplanet being deleted from its Global Investable Market Indexes in November, reviving a months-long effort to draw a line between operating companies and investment vehicles within its benchmarks.

A Broader Net Than Before

The new proposal, published this month, replaces a narrower crypto-specific rule that MSCI scrapped in January after investor pushback. Rather than targeting digital asset holdings directly, the framework applies a two-stage financial screen to all industries. A company first must demonstrate that operating assets exceed 50% of its total balance sheet. Those that fail face a second test of five financial ratios — operating asset intensity, operating expenses, operating cash flow, non-operating fair value changes, and reliance on financing to grow assets — and tripping four of five would render a company ineligible.reuters+2

A simulation using May 2026 data found that Strategy, Metaplanet, and U.K. uranium holding company Yellow Cake would be flagged for deletion, with free-float adjusted market capitalizations of $23.93 billion, $654 million, and $1.81 billion respectively. Three additional firms, including Ethereum treasury company SharpLink, would be placed on a public watchlist after failing only one review period.bitcoinfoundation+1

Safeguards and Timeline

MSCI has built buffers to protect index stability. Current constituents must fail the screen across two consecutive annual reviews before deletion, while new candidates would be excluded after a single failure. The consultation period runs through September 30, with results expected by October 16. If adopted, changes would take effect at the November 2026 Index Review.finance.yahoo+2

Under this framework, Strategy's model of raising equity and debt primarily to accumulate Bitcoin rather than fund its legacy software operations would trigger exclusion. Metaplanet, the Tokyo-listed firm that has built the world's third-largest corporate Bitcoin treasury largely through share issuance, faces the same logic.coindesk+1

Market Implications

Removal from MSCI indexes would force passive funds benchmarked to those indexes to sell their holdings in the affected companies. JPMorgan estimated $2.8 billion in potential passive selling pressure on Strategy alone under the prior, narrower methodology. MSCI has not provided a new estimate for the broader proposal. The consultation does not guarantee any changes will be adopted, and the final outcome will depend on market participant feedback and updated company filings.cryptobriefing+2