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.
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Summary
- Index provider MSCI has opened a new consultation that could exclude so-called non-operating companies, a category that may capture major bitcoin treasury firms such as Strategy and Metaplanet, from its Global Investable Market Indexes.
- The proposed rules would use a two-step screen based on whether operating assets exceed 50 percent of total assets and on five financial ratios, with companies failing at least four of the ratios deemed ineligible for index inclusion.
- If applied to current data, the screen would have led to the removal of Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI Index, though MSCI is seeking feedback through Sept. 30 and any changes would take effect no earlier than the November 2026 review.
