MSCI Proposes to Remove Strategy and Metaplanet from Indices Under "Non-Operating Company" Criteria
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MSCI has launched a consultation to remove non-operating companies — including Strategy and Metaplanet — from its global indices using five financial ratios, a detour around last year's shelved crypto-specific proposal that puts Bitcoin treasury firms' index status back in question.
Who is MSCI targeting — and on what grounds?
MSCI proposes to remove "non-operating companies" from its All Country World Investable Market Index (ACWI IMI). Strategy (MSTR) and Metaplanet (3350) are both on the list.
The screen uses five financial ratios: operating-asset intensity, expense intensity, cash flow, fair-value intensity, and capital dependency — with no direct mention of "crypto."
This means → MSCI has swapped the ruler: instead of flagging Bitcoin holdings, it says your financial structure doesn't look like an operating business.
How does the two-step screen work?
Step one checks whether operating assets exceed 50% of total assets. Companies that pass face no further review.
Those that fail enter the five-ratio exclusion screen. Four failures out of five triggers removal.
In plain terms = MSCI first asks "are you running a real business?" If the answer is weak, five tests follow — fail four, and you're out of the index.
How large are Strategy's and Metaplanet's holdings?
Strategy has accumulated 840,447 BTC since 2020, worth roughly $53.18 billion — the world's largest listed Bitcoin holder.
Tokyo-listed Metaplanet holds 43,000 BTC, valued at over $2 billion.
Also caught by the screen: Yellow Cake, which holds uranium, not Bitcoin. This signals the framework targets the "hoard assets, don't operate" model itself.
Why is this a second attempt in disguise?
In October 2025, MSCI proposed screening companies with crypto holdings ≥ 50% of assets, naming 39 firms. The move roiled markets, drew sharp industry pushback, and was shelved.
This time the framework is "financial ratios" — the word "crypto" appears nowhere.
This reflects MSCI's effort to sidestep political sensitivity while pursuing the same outcome: removing Bitcoin-treasury firms from mainstream indices.
What is the timeline — and where is the uncertainty?
Market participants must submit feedback by September 30; results will be published October 16.
If approved, changes take effect in the November 2026 index review.
This means → the outcome hinges on feedback — last time, industry pushback killed the plan. The packaging has changed; the contest has not.
Content is for reference only, not financial advice.