Bitcoin holders Strategy and Metaplanet face stock-index exclusion under MSCI’s new proposal
A new consultation targets "non-operating companies" broadly. Two familiar names still land on the deletion list.
Two publicly traded companies, Strategy (MSTR) and Metaplanet (3350), are currently under scrutiny by MSCI for potential exclusion from their Global Investable Market Indexes. This proposal, first introduced in a consultation in October 2025, aims to identify and exclude non-operating companies from the index based on five financial ratios rather than a specific threshold for cryptocurrency holdings.
Strategy, the largest publicly listed bitcoin holding firm, has accumulated 840,447 BTC worth $53.18 billion since 2020. Metaplanet, with 43,000 BTC valued at over $2 billion, is also facing potential exclusion. Yellow Cake, a uranium holder, is another company on the list due to its bitcoin holdings.
The exclusion process begins with a core screen, checking if a company's operating assets make up more than 50% of its total assets. If not, it moves to an exclusion screen using five ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A company is ineligible for index inclusion if it fails four out of the five tests.
Companies that create value through accumulating and holding non-operating assets, generate little cash from operations, and rely on external capital for growth are considered non-operating companies. MSCI invites feedback on the proposal until September 30, with results announced on October 16. Any changes would be implemented in the November 2026 index review, if adopted.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
