MSCI has launched a public consultation on methodology changes that could exclude certain companies classified as non-operating from its Global Investable Market Indexes. A simulation using May 2026 data identified Strategy and Metaplanet, two of the largest publicly listed Bitcoin treasury firms, among three current constituents that would face deletion under the proposed screens.

The consultation remains open for feedback until September 30, with results expected by October 16. Any adopted changes would be targeted for the November 2026 index review. MSCI has stated that the process may or may not lead to the proposed adjustments.

How the Proposed Screening Works

The framework applies a two-stage test. Companies whose operating assets exceed 50 percent of total assets pass automatically and face no further review. Those falling below the threshold move to a second stage based on five financial ratios covering operating asset intensity, expense intensity, operating cash flow, non-operating fair value changes, and reliance on external financing for asset growth.

An issuer would be treated as a non-operating company if it fails at least four of the five ratio tests. Existing index constituents would face less restrictive thresholds and require failures in two consecutive annual reviews before removal. New candidates would become ineligible after a single qualifying failure based on the latest available data.

MSCI also proposes a public watchlist for companies that fail once but have not yet met the consecutive-failure requirement for deletion.

Companies Flagged in the Simulation

Applying the proposed rules to May 2026 data for the MSCI ACWI IMI Index produced three deletions: Strategy, with a free-float adjusted market capitalization of approximately $23.93 billion; Yellow Cake, a UK-listed uranium investor valued at about $1.81 billion; and Metaplanet, valued at roughly $654 million.

Three additional firms entered the proposed watchlist: SharpLink, Center Laboratories, and Lydia Holding. SharpLink holds significant Ethereum positions and has relied on equity financing to expand those holdings.

Strategy currently holds 840,447 Bitcoin. Metaplanet reports 43,000 Bitcoin on its corporate tracker. Yellow Cake’s inclusion shows the screen targets balance-sheet composition rather than any specific asset class.

Background on Earlier Crypto-Focused Proposal

The current review follows a narrower consultation launched in October 2025 that would have excluded companies holding digital assets equal to 50 percent or more of total assets. That earlier plan named dozens of firms and drew industry opposition. MSCI decided against implementing it in January 2026 and indicated it would conduct a broader examination of non-operating companies.

Strategy had criticized the prior 50 percent digital-asset threshold as arbitrary, noting that companies concentrated in other asset types faced no equivalent rule. The new approach applies quantitative financial tests across industries.

Potential Market Implications and Next Steps

Index deletions would require funds tracking affected MSCI benchmarks to adjust holdings. Earlier analysis tied to the previous proposal estimated potential passive selling pressure for Strategy in the range of roughly $1.8 billion to $2.8 billion, though those figures related to different methodology and should not be treated as forecasts for the current consultation. MSCI has not published estimates of possible outflows under the new screens.

Strategy continues to maintain a software business alongside its Bitcoin treasury strategy and has raised capital through share sales while occasionally selling small Bitcoin amounts for other corporate purposes. Metaplanet has also expanded its Bitcoin holdings through capital-raising activity.

Nothing has been removed under the proposed rules. MSCI completed its regular August Index Review separately, with those changes effective after the August 31 close. The non-operating company consultation follows its own timeline. Company financial positions can change before any final decision, and the May simulation does not lock in a November constituent list.

Market participants have until September 30 to submit feedback. MSCI expects to announce the outcome by October 16. If the methodology is adopted, qualifying deletions could take effect with the November 2026 review.