If the proposed methodology had been applied using data from May 2026, Strategy, Metaplanet and Yellow Cake would have been removed from the MSCI ACWI IMI Index.
MSCI Targets Non-Operating Companies
MSCI has opened a consultation on whether so-called non-operating companies should remain eligible for its Global Investable Market Indexes.
The proposal would identify companies whose assets and financial structures indicate that they primarily accumulate and hold assets rather than generate value through traditional operating businesses.
MSCI's consultation is available through its official proposal document.
The approach does not specifically mention Bitcoin treasury companies, but its proposed criteria could affect businesses whose balance sheets are dominated by large holdings of non-operating assets.
Strategy and Metaplanet Appear on Potential Deletion List
Under the proposed methodology, Strategy (MSTR) and Metaplanet (3350) would fall among companies potentially removed from the index.
Strategy has built the world's largest publicly traded corporate Bitcoin treasury, accumulating hundreds of thousands of BTC since it began its Bitcoin strategy in 2020.
Metaplanet has followed a similar approach in Japan, making Bitcoin a major component of its corporate treasury strategy.
According to the information behind the consultation, Strategy held approximately 840,447 BTC, while Metaplanet held around 43,000 BTC based on the relevant data.
Strategy Has Become a Major Bitcoin Holder
Strategy has transformed itself from a software company into one of the largest publicly traded holders of Bitcoin.
The company has consistently used capital markets to acquire additional BTC, making Bitcoin a central part of its corporate strategy.
Its massive Bitcoin position has also made Strategy one of the most closely watched companies in the digital-asset market.
However, MSCI's proposed framework raises questions about whether companies with large asset holdings but comparatively limited operating activity should receive the same index treatment as conventional operating businesses.
Metaplanet Follows a Similar Strategy
Japan-based Metaplanet has adopted a comparable Bitcoin treasury strategy.
The company has accumulated approximately 43,000 BTC, worth more than $2 billion based on the figures in the proposal.
Bitcoin has become a central component of Metaplanet's corporate strategy as the company seeks to increase its exposure to the asset through additional purchases and capital-market activity.
That approach has made Metaplanet one of the most prominent Bitcoin treasury companies outside the United States.
MSCI's Proposed Screening Process
The proposed methodology would use a two-stage process.
The first step would examine whether a company's operating assets represent more than 50% of its total assets.
Companies that pass this initial test would not face further screening under the proposal.
Businesses that fail the initial threshold would then be assessed using five additional financial ratios:
A company could become ineligible for index inclusion if it fails four of the five tests.
This approach would allow MSCI to identify companies it considers structurally different from conventional operating businesses without specifically targeting cryptocurrency holdings.
Why the Proposal Matters for Bitcoin Treasury Companies
The proposed methodology could have important implications for companies that have built large Bitcoin treasuries.
Bitcoin treasury companies typically hold substantial amounts of BTC on their balance sheets while using equity offerings, debt and other financing methods to fund additional purchases.
That structure can make their financial profiles significantly different from traditional operating companies.
If major index providers determine that such businesses do not meet their operating-company criteria, those companies could potentially lose inclusion in widely followed indexes.
Index exclusion can matter because institutional funds and other investment products often use indexes as benchmarks for portfolio construction.
MSCI Previously Considered a Crypto-Specific Rule
The latest proposal follows an earlier MSCI consultation that specifically focused on digital asset treasury companies.
That proposal, opened in October 2025, targeted companies holding at least 50% of their assets in Bitcoin or other cryptocurrencies.
The consultation identified dozens of companies that could have been affected and generated significant criticism from the cryptocurrency industry.
MSCI ultimately decided to defer the proposal rather than implement the crypto-specific exclusion framework.
The new methodology takes a different approach by focusing on the broader financial structure of companies.
Yellow Cake Is Also Affected
The proposed methodology is not limited to Bitcoin companies.
Yellow Cake, a publicly traded uranium-holding company, also appeared on the potential deletion list.
This is important because it demonstrates that MSCI's proposal is broader than the cryptocurrency sector.
The index provider is effectively examining whether companies that primarily hold assets rather than operate traditional businesses should qualify for inclusion in its investable indexes.
Nothing Has Been Decided Yet
The proposed changes are not final.
MSCI is currently seeking feedback from market participants, with comments due by September 30.
The index provider expects to announce the results of the consultation around October 16.
If MSCI decides to adopt the proposal, the resulting changes could be incorporated into the November 2026 index review.
That means Strategy and Metaplanet still have time before any potential index changes take effect.
Potential Impact on Strategy and Metaplanet
An eventual exclusion could increase scrutiny of companies whose valuations are closely connected to their Bitcoin holdings.
Strategy and Metaplanet have both benefited from investor interest in their Bitcoin accumulation strategies, with their stocks often trading as equity-market proxies for BTC exposure.
Index removal could potentially affect institutional demand and the shareholder base, depending on which indexes are affected and how investment products respond.
However, the actual market impact would depend on the final MSCI methodology and the funds that track the affected indexes.
Bitcoin Treasury Companies Face a New Test
The proposal represents another important development for the growing Bitcoin treasury company sector.
As more corporations adopt Bitcoin as a major balance-sheet asset, traditional financial institutions and index providers are being forced to determine how these businesses should be classified.
The debate is no longer limited to whether companies should be allowed to hold cryptocurrency.
It increasingly concerns whether a company whose primary strategy is accumulating and managing Bitcoin should be treated like a traditional operating business for investment-index purposes.
Bitcoin Market Outlook
Strategy and Metaplanet remain major corporate holders of Bitcoin, but MSCI's latest proposal introduces a new potential challenge.
Unlike the previous consultation, the current framework does not establish a specific cryptocurrency ownership threshold.
Instead, it focuses on operating assets, cash flow, expenses, fair-value exposure and dependence on external capital.
That broader approach could potentially affect a wider range of asset-holding companies while giving MSCI a framework that applies beyond the cryptocurrency sector.
Conclusion
Strategy and Metaplanet could face MSCI index exclusion under a new proposal designed to remove companies classified as non-operating businesses from its Global Investable Market Indexes.
The proposed framework would use a series of financial tests rather than a specific Bitcoin ownership threshold. Based on May 2026 data, Strategy, Metaplanet and uranium holder Yellow Cake would have been affected.
However, no decision has been made yet.
MSCI is accepting feedback through September 30 and expects to announce the consultation outcome in October. If adopted, the new rules could be incorporated into the November 2026 index review.
For Bitcoin treasury companies, the proposal highlights a growing challenge as traditional financial institutions develop new ways to classify businesses whose balance sheets are increasingly dominated by digital assets.
