Strategy and Metaplanet Return to MSCI Scrutiny Over Crypto Rule

TL;DR

• Strategy and Metaplanet could be excluded from MSCI’s Global Investable Market Indexes under a proposed screen targeting non-operating companies rather than crypto holdings specifically.
• The methodology first tests whether operating assets exceed 50% of total assets, then applies five ratios, with four failures causing ineligibility.
• MSCI is seeking feedback through September 30, with results expected October 16 and any adopted changes taking effect no earlier than the November 2026 review.

Strategy and Metaplanet are again facing potential exclusion from MSCI’s Global Investable Market Indexes, months after the index provider deferred a crypto-specific rule that would have targeted digital asset treasury companies. The latest consultation takes a broader approach, focusing on so-called non-operating companies rather than cryptocurrency holdings alone. The notable twist is that a rule no longer written specifically for crypto could still capture two of the sector’s best-known bitcoin treasury firms. If the proposed screen were applied using May 2026 data, Strategy, Metaplanet and uranium holder Yellow Cake would have been removed from the MSCI ACWI IMI Index.

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