Strategy and Metaplanet could face another challenge to their index inclusion after MSCI introduced a proposal aimed at companies it defines as “non-operating.”
The latest consultation arrives months after MSCI postponed an earlier initiative that specifically focused on companies with substantial cryptocurrency holdings. Instead of setting a crypto ownership threshold this time, MSCI’s proposed framework would use five financial indicators to determine whether a company qualifies for its indexes.
Had the new screening rules been applied to the MSCI ACWI IMI Index using information from May 2026, Strategy (MSTR), Metaplanet (3350) and Yellow Cake would have been removed.
Strategy has accumulated 840,447 BTC, valued at roughly $53.18 billion, since launching its Bitcoin acquisition strategy in 2020. The company is now the largest publicly traded corporate holder of Bitcoin, based on Bitcoin Treasuries data. Metaplanet, which is listed in Tokyo, holds around 43,000 BTC worth more than $2 billion. Yellow Cake is also an asset-focused listed company, but it holds uranium rather than Bitcoin.
Proposed MSCI Screening Framework
The proposed methodology would begin by determining whether more than 50% of a company’s total assets are operating assets. Firms that meet that requirement would not undergo additional screening.
Companies that fail the initial test would be evaluated using five additional measures: operating asset intensity, expense intensity, cash flow, fair-value intensity and capital dependence.
A company could be excluded from index eligibility if it fails at least four of those five tests.
While MSCI does not specifically name Bitcoin treasury companies in the proposal, its definition of a non-operating company could encompass businesses that derive much of their value from holding assets instead of generating revenue through traditional operations.
MSCI describes these businesses as companies that accumulate non-operating assets, produce limited cash flow from their core operations and rely on external funding to finance growth.
Companies already in the index would be assessed under the proposed framework, while firms seeking entry would be subject to stricter criteria based on their latest financial statements.
Earlier Crypto-Focused Proposal Was Deferred
MSCI’s latest move follows an October 2025 consultation that specifically targeted digital asset treasury companies. The earlier proposal would have applied to companies with at least 50% of their assets invested in Bitcoin or other cryptocurrencies.
That proposal identified 39 companies and sparked volatility in crypto markets, along with criticism from industry participants. MSCI eventually postponed the plan.
Consultation Remains Open
MSCI has not yet made a final decision on the latest proposal. Market participants can submit feedback until Sept. 30, with the results expected around Oct. 16.
If adopted, the new rules would be incorporated into the November 2026 index review. Until then, Strategy, Metaplanet and other potentially affected companies remain eligible for inclusion under the existing framework.
