Bitcoin holders Strategy and Metaplanet face stock-index exclusion under MSCI’s new proposal
MSCI is proposing new criteria to exclude 'non-operating companies' from its Global Investable Market Indexes based on financial ratios rather than crypto holdings. If implemented, this could lead to the removal of major bitcoin-holding firms like Strategy and Metaplanet.
Why it matters
This shift could significantly impact the institutional investment landscape for companies that hold large amounts of digital assets as treasury reserves.
The finance company has opened a new consultation this month, proposing to identify and exclude "non-operating companies" from its Global Investable Market Indexes. 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.
Nasdaq-listed Strategy has steadily accumulated a total of 840,447 BTC ($53.18 billion) since 2020, becoming the largest publicly listed bitcoin holding firm, according to data from Bitcoin Treasuries. Tokyo-listed Metaplanet has snapped up 43,000 BTC, worth over $2 billion. Yellow Cake is a listed holder too, but of uranium, not bitcoin.
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