MSCI proposes index exclusion rules that could remove Strategy and Metaplanet

Aug 14, 2026

Index provider MSCI has proposed new "non-operating company" exclusion rules that could remove major corporate bitcoin holders Strategy and Metaplanet, alongside uranium holder Yellow Cake, from its global equity indexes. The proposed framework uses a two-step screen based on operating asset ratios and five financial metrics. Strategy, which holds 840,447 BTC, has strongly criticized the proposal, stating that index providers should measure markets rather than dictate corporate asset holdings. If adopted during the November 2026 review, the rules could trigger up to $2.8 billion in forced passive fund selling for affected firms.

MSCI non-operating company exclusion proposal

▪MSCI is collecting feedback on its non-operating company exclusion proposal through September 30, 2026, with a decision expected around October 16, 2026.
▪MSCI opened a consultation in August 2026 on a proposal to exclude "non-operating companies" from its Global Investable Market Indexes.
▪The proposed MSCI index changes, if adopted, would take effect starting with the November 2026 Index Review.

Strategy potential index removal

▪Strategy would face deletion from the MSCI ACWI IMI if the proposed non-operating company exclusion rules are applied to its financial data.
▪Strategy holds 840,447 BTC, valued at approximately $53.18 billion, making it the largest publicly listed corporate holder of bitcoin.

Metaplanet potential index removal

▪Tokyo-listed Metaplanet has acquired 43,000 BTC, valued at over $2 billion, as part of its corporate treasury model.
▪Strategy would face deletion from the MSCI ACWI IMI if the proposed non-operating company exclusion rules are applied to its financial data.
▪UK-based uranium stockpiling firm Yellow Cake would face deletion from the MSCI ACWI IMI alongside Strategy and Metaplanet under the proposed rules.

Financial ratio screening methodology

▪Companies failing the initial 50% operating asset screen are evaluated on five financial ratios: operating asset intensity, expense intensity, cash flow, fair-value changes, and capital dependence.
▪MSCI's proposed screening process first checks if a company's operating assets account for more than 50% of its total assets.
▪A company becomes ineligible for MSCI index inclusion if it fails at least four out of the five evaluated financial ratios.

Strategy criticism of MSCI

▪Strategy formally objected to MSCI's previous October 2025 proposal, arguing that its software business, active treasury, and credit instruments make it an operating company.
▪Strategy criticized the MSCI proposal on X, stating that index providers should measure markets rather than dictate which assets companies are allowed to own.

Passive fund selling implications

▪Firms that successfully maintain MSCI index inclusion can attract passive investment inflows estimated between $2 billion and $2.8 billion.
▪Exclusion from MSCI indexes could trigger forced selling by index-tracking funds, with Strategy facing an estimated $2 billion to $2.8 billion in passive outflows.