MSCI is considering new eligibility rules that could remove Strategy ($MSTR), Metaplanet, and several other companies from its global equity indexes if they are primarily viewed as vehicles for holding investment assets rather than operating businesses. The proposal is part of a broader consultation on the treatment of “non-operating companies” in the MSCI Global Investable Market Indexes.
According to MSCI’s consultation paper, the proposed methodology targets companies whose principal activity is raising capital to accumulate investment assets instead of generating revenue from operating businesses. A simulation based on May 2026 data identified companies including Strategy, Metaplanet, Yellow Cake, SharpLink, and several others as potentially affected under the proposed rules.
The consultation follows MSCI’s earlier decision not to immediately exclude digital asset treasury companies from its indexes. Instead, the index provider opted for a broader review covering all non-operating companies, rather than focusing solely on firms holding cryptocurrencies.
If the proposal is approved, companies removed from MSCI indexes could face meaningful selling pressure. Passive funds and ETFs that track MSCI benchmarks would likely be required to dispose of affected shares, potentially increasing volatility and weighing on stock prices regardless of the companies’ underlying fundamentals.
MSCI is accepting feedback on the proposal until September 30, 2026, with the final decision expected by October 16. If adopted, the revised methodology could take effect as part of the November 2026 index review.
The consultation reflects a broader debate over how companies such as Strategy and Metaplanet should be classified. While supporters argue they remain operating businesses that have adopted unconventional treasury strategies, critics contend that their market value is increasingly driven by investment holdings rather than core operations, making them more comparable to investment vehicles than traditional listed companies.
