MSCI is considering a broader methodology change that could remove Strategy and Metaplanet from its Global Investable Market Indexes as early as the November 2026 index review. The proposal targets companies whose businesses appear predominantly non-operating, rather than directly targeting Bitcoin treasury firms.
The potential change comes months after MSCI abandoned an earlier proposal that would have excluded digital asset treasury companies based on a 50% digital-asset asset threshold. MSCI instead said it would conduct a broader review of non-operating companies. Its January decision kept affected crypto treasury firms in its indexes for the February review.
MSCI’s New Screening Framework
Under the proposed framework, companies would first pass automatically if operating assets exceed 50% of total assets. Companies below that threshold would face five additional tests covering operating asset intensity, expenses, operating cash flow, non-operating fair-value changes and dependence on financing to accumulate assets. A company would be classified as non-operating after triggering at least four of the five indicators.
A May 2026 simulation identified Strategy, Metaplanet and uranium investment company Yellow Cake as existing constituents that would have been deleted under the proposed methodology. Strategy had a simulated free-float-adjusted market capitalization of about $23.93 billion, while Metaplanet’s stood at roughly $654 million. SharpLink and two other companies would instead enter a watchlist after recording only one qualifying period of failure.
Potential Impact on Bitcoin Treasury Stocks
Removal could pressure affected shares because passive funds tracking MSCI benchmarks would need to rebalance. However, MSCI has not provided an estimate for potential forced selling under the new proposal. Earlier estimates tied to the abandoned crypto-specific proposal should not be treated as forecasts for the current framework.
The proposal remains subject to consultation. Feedback is due September 30, with MSCI expected to announce its decision October 16. Any approved methodology changes could take effect through the November 2026 review. Therefore, Strategy and Metaplanet face a potential index-removal risk, not a confirmed deletion.
