MSCI's 'Non-Operating' Rule Risks Excluding Strategy and Metaplanet From Global Indexes

Woofun AI reports that MSCI has launched a consultation to exclude 'non-operating companies' from its Global Investable Market Indexes, directly threatening the index status of major Bitcoin holders Strategy and Metaplanet.

The proposed screen, if applied to the MSCI ACWI IMI Index based on holdings as of May 2026, would have removed three entities: Strategy, Metaplanet, and Yellow Cake. Nasdaq-listed Strategy has accumulated 840,447 BTC ($53.18 billion) since 2020, becoming the largest publicly listed Bitcoin holding firm . Tokyo-listed Metaplanet holds 43,000 BTC worth over $2 billion, while Yellow Cake is a listed uranium holder, not a Bitcoin firm.

Structurally, the methodology begins with a core screen requiring operating assets to exceed 50% of total assets. Failing this triggers an exclusion screen using five ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A company is deemed ineligible if it fails four out of five tests, targeting firms that accumulate non-operating assets, generate little operational cash flow, and depend on outside capital.

Woofun AI data shows this follows an October 2025 consultation targeting 'digital asset treasury' firms with 50% or more assets in Bitcoin or cryptocurrencies. That proposal named 39 companies, triggering crypto market volatility and industry backlash, leading to its deferral. The current approach avoids naming specific assets, focusing instead on financial structure.

Feedback is invited through Sept. 30, with results announced on Oct. 16. Any adopted changes would be folded into the November 2026 index review. This marks a shift from asset-specific rules to structural financial criteria for index inclusion.