New MSCI Proposal Threatens Index Status of Strategy and Metaplanet

Strategy and Metaplanet could once again face exclusion from major MSCI indexes after the index provider proposed new criteria for identifying “non-operating companies.”

Unlike MSCI’s previous crypto-focused proposal, the latest consultation does not set a specific threshold for cryptocurrency holdings. Instead, it would use five financial ratios to assess whether companies qualify for inclusion in its Global Investable Market Indexes.

If the proposed framework had been applied to the MSCI ACWI IMI Index using May 2026 data, Strategy (MSTR), Metaplanet (3350) and Yellow Cake would have been removed.

Strategy has accumulated 840,447 BTC, valued at roughly $53.18 billion, since 2020. According to Bitcoin Treasuries, that makes it the largest publicly traded corporate Bitcoin holder. Metaplanet has acquired about 43,000 BTC worth more than $2 billion. Yellow Cake also operates as a listed asset-holding company, although its primary holding is uranium.

MSCI’s Proposed Test

The proposed screening process would begin by checking whether operating assets make up more than 50% of a company’s total assets. Companies that meet this requirement would not undergo additional review.

Those that fail the initial test would then be assessed using five measures: operating asset intensity, expense intensity, cash flow, fair-value intensity and capital dependence.

A company could lose index eligibility if it fails four of the five tests.

MSCI does not explicitly identify Bitcoin treasury firms in the proposal, but its definition of a non-operating company could apply to businesses whose value is primarily linked to asset accumulation rather than traditional operating activities.

The index provider describes these companies as businesses that accumulate non-operating assets, generate limited cash from their core operations and rely on external financing to support growth.

Previous Crypto-Focused Plan

The new consultation comes after MSCI deferred a separate proposal unveiled in October 2025. That initiative specifically targeted digital asset treasury companies holding at least 50% of their assets in Bitcoin or other cryptocurrencies.

The earlier plan covered 39 companies and triggered market volatility as well as strong criticism from the crypto industry. MSCI ultimately postponed its implementation.

Final Outcome Remains Uncertain

MSCI is currently seeking feedback from market participants through Sept. 30 and expects to announce the results around Oct. 16.

Should the proposal be approved, the changes would be incorporated into the November 2026 index review. Until that process is complete, Strategy, Metaplanet and other potentially affected companies will remain subject to the existing index rules.