Bitcoin (BTC) holding firms Strategy and Metaplanet are facing potential exclusion from the MSCI Global Investable Market Indexes, according to a new proposal by the index provider. This proposal, which aims to identify and exclude "non-operating companies," could have significant implications for these firms and the broader cryptocurrency market.
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. Companies failing at least four of the ratios would be 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.
This proposal comes months after Strategy and Metaplanet dodged a similar crypto-specific exclusion rule. The new consultation, which opened this month, targets "non-operating companies" rather than cryptocurrency holdings. The proposed classification would be based on five financial ratios, rather than a threshold for cryptocurrency holdings.
The proposed screen, if applied to the MSCI ACWI IMI Index based on the companies' crypto holdings as of May 2026, would have resulted in the deletion of three companies: Strategy, Metaplanet, and Yellow Cake. This highlights the evolving nature of the cryptocurrency market and the potential challenges faced by firms in this space.
Strategy, a Nasdaq-listed firm, has steadily accumulated a total of 840,447 BTC ($53.18 billion) since 2020, making it the largest publicly listed bitcoin holding firm. Metaplanet, a Tokyo-listed firm, has snapped up 43,000 BTC, worth over $2 billion. Yellow Cake is a listed holder of uranium, not bitcoin.
The proposed screen works in two steps. The process starts with a core screen which checks if a company's operating assets account for more than 50% of its total assets. If it does, no further scrutiny is conducted. If it fails that, it moves to an exclusion screen that uses five ratios – operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence – to make the final call.
A company becomes ineligible for index inclusion if it fails four out of the five test ratios. MSCI's description of the so-called non-operating companies not fit for index inclusion reads like a checklist of bitcoin treasury firms without naming one. Companies that "create value by accumulating and holding non-operating assets," generate little cash from actual operations, and depend on outside capital rather than their own business to grow, MSCI explained.
This proposal raises important questions about the future of cryptocurrency firms in traditional financial indexes. It also highlights the need for these firms to adapt to changing regulatory and market conditions. As the cryptocurrency market continues to evolve, it will be crucial for firms to navigate these challenges and maintain their relevance in the broader financial landscape.
In my opinion, this proposal underscores the ongoing tension between the cryptocurrency industry and traditional financial institutions. It also highlights the need for clear and consistent regulatory frameworks to support the growth and development of the cryptocurrency market.
