MSCI Proposes Removal of Bitcoin Treasury Firms from Global Indexes

MSCI, a leading provider of stock market indexes, has announced a proposal that could lead to the exclusion of two prominent Bitcoin treasury firms—Strategy and Metaplanet—from its Global Investable Market Indexes (GIMI). This proposal also includes the uranium holding company Yellow Cake PLC, as part of a broader effort to refine eligibility criteria for index inclusion.

The proposed changes, which are currently under consultation until September 30, 2026, aim to classify companies that primarily hold assets like Bitcoin as “non-operating companies.” This classification would render them ineligible for inclusion in MSCI’s indexes, which guide trillions of dollars in passive investments.

MSCI's proposed methodology involves a two-step screening process. Initially, companies will be evaluated based on their operational asset intensity, determining whether their balance sheets reflect actual operating businesses or merely accumulated assets. Companies that do not meet the threshold will then face a more rigorous assessment involving five financial ratios. Failing four out of five ratios would result in exclusion from the indexes.

The simulation conducted by MSCI indicated that both Strategy, which holds approximately 840,447 BTC, and Metaplanet, with around 43,000 BTC, would likely be removed from the MSCI ACWI IMI Index. Yellow Cake, which operates in the uranium sector, also met the exclusion criteria despite having no ties to the cryptocurrency market.

MSCI has instituted a buffer for existing index constituents, requiring them to fail the screening criteria across two consecutive annual filings before removal. New candidates, however, would face immediate scrutiny under the new standards.

The outcome of this consultation could have significant implications for companies that have adopted digital assets as a primary treasury strategy, as MSCI's decision will be announced by October 16, 2026, with any changes taking effect during the November 2026 Index Review.

Recent Developments on MSCI's Proposal

• On October 10, 2025, MSCI proposed to exclude companies holding more than 50% of their assets in digital assets from its Global Investable Market Indexes.
• This proposal would have impacted approximately 39 companies, including Strategy, which holds around 840,447 BTC, representing about 4% of Bitcoin's total supply.
• Strategy formally opposed the exclusion on December 10, 2025, arguing that it operates as a productive business using Bitcoin as operating capital.
• On January 6, 2026, MSCI announced it would maintain the current index treatment for companies on its preliminary Digital Asset Treasury Companies (DATCO) list, including Strategy, and shelved the exclusion proposal.
• The decision to preserve index inclusion is significant for the corporate Bitcoin treasury strategy, which has gained traction since 2020, encouraging companies to hold Bitcoin as a part of their financial strategy.