MSCI wants to remove Strategy and Metaplanet from global indices

Index provider MSCI is considering adjusting its rules for so-called non-operating companies, which could have major consequences for well-known crypto companies. A simulation based on May 2026 data shows that Strategy, Yellow Cake and Metaplanet would be removed from the MSCI Global Investable Market Indexes (GIMI) if the proposal goes through. SharpLink, which holds Ethereum as a reserve asset, would in that case be placed on a watchlist.

In brief:

• MSCI is consulting on new rules that could exclude non-operating companies from its indices.
• In a simulation, Strategy, Metaplanet and Yellow Cake would be removed from the MSCI ACWI IMI Index.
• The consultation closes on 30 September 2026, with potential implementation in November 2026.

What MSCI is examining

MSCI is opening a public consultation on whether companies that are barely active in an operational business, but primarily raise capital to build up investment assets, belong in its global equity indices. To that end, the index provider is looking at a range of financial metrics, including the ratio of operating assets, operating costs, operating cash flow, non-operating value changes and financing cash flow.

The aim is to identify companies that in effect function as investment vehicles rather than as ordinary companies. Companies such as Strategy, which holds billions of Bitcoin on its balance sheet, and Japan’s Metaplanet fit that profile precisely. According to the MSCI consultation, this is a proposal that has not yet been finalised.

Three companies out, three on the watchlist

The simulation using May 2026 data shows that three companies would be removed from the MSCI ACWI IMI Index: Strategy with a market capitalisation of $23.9 billion, the UK’s Yellow Cake ($1.8 billion) and Japan’s Metaplanet ($654 million). All three fall under the new screening criteria as being too dependent on external financing for holding investment assets.

Three other companies will initially be placed on a public watchlist: Taiwan’s Center Laboratories ($673 million), Turkey’s Lydia Holding ($319 million) and the US-based SharpLink ($165 million). SharpLink is a so-called Ethereum treasury company, similar to how Strategy does that with Bitcoin. At the time of writing, Ethereum is trading at $1.870, down 1.0% in the past 24 hours.

Timeline and potential consequences

The consultation runs until 30 September 2026. MSCI expects to announce the results on 16 October, after which any implementation would take place as part of the November review of the indices. The proposal affects a growing group of listed companies that use cryptocurrencies as their primary business model.

If MSCI finalises the proposal, large institutional investors that track the MSCI indices could be forced to reduce their positions in Strategy and Metaplanet. That could put considerable selling pressure on these stocks, which are closely linked to the Bitcoin price.