Index provider MSCI has opened a new consultation that could exclude so-called non-operating companies from its Global Investable Market Indexes, according to a CoinDesk report covering the proposal. The screen may capture major bitcoin treasury firms such as Strategy and Metaplanet.
What the proposed non-operating company screen targets
MSCI’s two-step test would first look at whether operating assets exceed 50 percent of total assets. Companies that do not clear that threshold would then be measured against five financial ratios, with those failing at least four of the ratios deemed ineligible for index inclusion. If applied to current data, the rule would have removed Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI Index. Still, the index provider is seeking feedback through Sept. 30, and any changes would take effect no earlier than the November 2026 review. The proposal arrives months after Strategy and Metaplanet dodged a crypto-specific exclusion rule, but a broader non-operating company definition could put them back in focus. This dynamic echoes the single-token concentration risks covered in Strategy and Metaplanet Unrealized Bitcoin Losses Highlight Risk of Single-Token Concentration.
Why bitcoin treasury companies face index risk
The potential deletion matters because many passive funds and ETFs track MSCI indexes, so removal can force selling and reduce liquidity for affected stocks. For Metaplanet, the timing is notable: the firm recently expanded its bitcoin treasury strategy with new debt instruments. As covered in Metaplanet Unveils BitBonds With $1.3 Million Private Debt Sale, the Tokyo-based company has been layering financing mechanisms around its bitcoin holdings. Index exclusion would not change the underlying bitcoin balance sheet, but it could shift how benchmark-driven capital treats the equity.
What to watch as MSCI gathers feedback
The consultation window runs until Sept. 30, with any implementation no sooner than November 2026, leaving time for companies and investors to respond. Treasury-heavy firms may argue that bitcoin holdings are operating assets in the context of a digital asset treasury model, or that the financial ratio screen is too blunt. The broader trend of bitcoin treasuries being repurposed for operational expansion is visible elsewhere too. For example, Hyperscale Data Repurposes Bitcoin Treasury to Fund Michigan AI Data Center Development shows how a bitcoin balance sheet can be deployed toward revenue-generating projects. Whether MSCI accepts such arguments could determine whether Strategy and Metaplanet remain in widely followed benchmarks.
