MSCI is advancing a broader methodology review that could remove Strategy and Metaplanet from its Global Investable Market Indexes as early as the November 2026 index review. The proposal targets companies that MSCI considers non-operating, replacing an earlier crypto-specific exclusion attempt that was abandoned in January after investor pushback.
Under the proposed two-stage test, an issuer passes automatically if operating assets exceed 50% of total assets. Companies below that threshold face five financial ratio tests tied to operating asset intensity, expenses, operating cash flow, non-operating fair value changes and reliance on financing for asset accumulation. An issuer would be treated as non-operating if it triggers at least four of the five flags.
Using May 2026 data, MSCI’s simulation would delete Strategy, with a free float-adjusted market capitalization of $23.93 billion; Yellow Cake at $1.81 billion; and Metaplanet at $654 million. SharpLink, Center Laboratories and Lydia Holding would enter a public watchlist because the simulation identified only one qualifying period of failure.
Strategy, formerly MicroStrategy and led by Michael Saylor, reported 840,447 BTC as of Aug. 9, while Metaplanet reports 43,000 BTC on its corporate tracker. SharpLink reported 888,938 ETH and ETH equivalents as of Aug. 3.
The consultation remains open through September 30, with results expected by October 16. If adopted, qualifying deletions could be incorporated into the November 2026 review. MSCI has warned the consultation may or may not result in the proposed changes.
Index deletion matters because passive funds tracking affected benchmarks may be forced to sell. During an earlier crypto treasury debate, JPMorgan estimated that Strategy could face about $2.8 billion in passive selling if removed, though that estimate was tied to the previous proposal and should not be treated as a forecast for the new methodology.
