Bitcoin Treasury Stocks Strategy, Metaplanet Face MSCI Index Removal Under New Proposal

TLDR

• MSCI’s proposal targets companies classified as “non-operating.”
• Strategy and Metaplanet appeared on MSCI’s May 2026 deletion simulation.
• Yellow Cake was also flagged, showing the rule is broader than crypto firms.
• Current index members may need to fail the screen across two annual filings before removal.
• MSCI will accept feedback until September 30 and announce results on October 16.

Strategy and Metaplanet could be removed from MSCI’s Global Investable Market Indexes under a new proposal targeting companies whose balance sheets are dominated by non-operating assets. The consultation does not specifically target cryptocurrency companies, but MSCI’s May 2026 simulation placed both major Bitcoin treasury firms on its deletion list.

MSCI opened the consultation in August and is seeking feedback until September 30. The index provider expects to announce its decision by October 16, with any approved changes scheduled for the November 2026 Index Review. MSCI stressed that the consultation “may or may not” result in changes to its indexes.

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