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MSCI has finalized rules that could remove Strategy and Metaplanet from its global equity indexes. Source: coindesk.com.
What Changed
The rules, proposed in August 2026, target companies that primarily hold investments rather than operating businesses. Under the new criteria, such firms are no longer eligible for inclusion in MSCI’s Global Investable Market Indexes.
Strategy and Metaplanet are among those flagged.
Key Facts
- Strategy, the largest publicly listed bitcoin holder, owns 848,250 BTC, valued at about $69.67 billion as of the latest data.
- Index funds must sell shares when a company is removed, regardless of the company’s underlying assets.
- Any sales impact the stock price, not the company’s bitcoin holdings.
- Strategy funds its bitcoin purchases through sales of preferred shares like STRC and STRK.
How MSCI Makes the Decision
MSCI evaluates companies based on two main tests.
- First, it checks whether a company has substantial operating assets tied to a real business.
- If the company fails this test, it faces a second evaluation using five financial ratios: expenses, cash flow, asset value changes, and reliance on outside financing.
A company is removed only if it fails both tests in each of its two most recent annual filings.
MSCI has added buffers to avoid frequent changes. A company outside the index is blocked from joining if it fails either of its two most recent annual reviews.
First Test Run Results
In a trial using May 2026 data, MSCI identified three companies for possible removal: Strategy, Metaplanet, and Yellow Cake, a UK-based uranium investment firm.
Why It Matters
Many investors gain exposure to stock markets through index funds. When a company is added to an index, funds must buy its shares. When removed, they must sell them.
Decentralized infrastructure network ZEROBASE said the move highlights a growing tension between traditional index construction and companies that treat bitcoin as a core treasury asset.
“Passive capital has become an important source of demand for these stocks,” ZEROBASE said. “Any sustained reduction in that bid could tighten the equity-issuance window that several of them rely on to fund further purchases.”
Market Impact
JPMorgan analysts estimate that Strategy’s exclusion could trigger about $2.8 billion in stock outflows.
Metaplanet’s shares have seen a similar decline from their peak.
Company Responses
Strategy’s founder, Michael Saylor, has described the company as an operating business with a software arm. He has rejected comparisons with investment funds.
Strategy sells business intelligence software to companies including Coca-Cola and Porsche. Its bitcoin treasury is treated as a separate business segment.
Limitations and Open Questions
The rules do not apply to all investment-heavy firms. MSCI already excludes investment funds and similar vehicles.
The new rules extend that exclusion to companies with investment-heavy portfolios, but do not define what constitutes a “real business”.
It remains unconfirmed whether the rules will apply to other digital asset-holding firms beyond Strategy and Metaplanet.
There is no public statement from MSCI confirming that the rules will be applied to all companies with digital assets over 50% of total assets.
MSCI has ended temporary measures from October 2025 that previously restricted index adjustments for companies with digital assets making up 50% or more of total assets. These companies will now be judged under the new rules.
