Two Bitcoin Treasury Firms and a Uranium Company Face MSCI Index Removal

MSCI is consulting on a proposal that would exclude "non-operating companies" from its Global Investable Market Indexes (GIMI), a change that would remove Strategy and Metaplanet under a May 2026 simulation. Uranium holding company Yellow Cake PLC would also be deleted.

MSCI, formerly known as Morgan Stanley Capital International, builds stock market indexes that fund managers around the world use to decide which stocks to hold and in what proportion. A change to eligibility rules can trigger forced buying or selling from index-tracking funds worth trillions of dollars, since those funds must match their holdings to whatever MSCI's indexes contain.

What the Screen Targets

The proposed rule adds financial ratio tests to catch companies that behave like investment funds rather than operating businesses. A company first faces a core screen checking whether operating assets make up more than half of its balance sheet.

Companies that fail move to a second test covering five ratios, including operating asset intensity, cash flow, and reliance on outside capital to fund growth. Flunking four of five ratios would make a company ineligible.

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