MSCI has opened a new consultation that could remove Strategy, Metaplanet, and Yellow Cake from its Global Investable Market Indexes under a broader screen for "non-operating companies." Strategy pushed back publicly on X, and MSCI expects to announce its decision by Oct. 16 after collecting feedback through Sept. 30.
MSCI opened a consultation on the eligibility of non-operating companies for its Global Investable Market Indexes, and a simulation using May 2026 data shows Strategy (Nasdaq: MSTR), Metaplanet (TYO: 3350), and Yellow Cake (LSE: YCA) could be deleted from the MSCI ACWI IMI. SharpLink (Nasdaq: SBET), Center Laboratories (TWSE: 4123), and Lydia Holding (IS: LYDHO) would land on a watchlist instead.
Strategy tells MSCI it doesn't need the index
Writing on X on Aug. 14, Strategy pushed back on the proposal. According to TheStreet: "Bitcoin doesn't need MSCI. Neither does Strategy." Strategy holds 840,447 BTC, while Metaplanet holds 43,000 BTC and SharpLink holds 888,521 ETH on their respective balance sheets.
A broader test than the old crypto-only rule
MSCI's latest methodology grades companies on whether operating assets fall below 20% of total assets, whether operating expenses sit below 5% of total assets, whether operating cash flow is negative, whether non-operating fair-value changes exceed 5% of total assets, and whether capital dependence tops 20%. A company that fails an initial operating-asset test and trips at least four of those five flags becomes ineligible for the index. Existing constituents get more room: MSCI would require operating-asset intensity below 10% rather than 20%, and capital dependence above 30% rather than 20%, before triggering removal.
Strategy's free-float-adjusted market cap stood at $23.9 billion in the May 2026 simulation, making it the largest company that could be removed. MSCI is gathering feedback through Sept. 30 and expects to announce results by Oct. 16, with any changes proposed for the November 2026 Index Review.
Passive selling risk looms over MSTR shares
JPMorgan analysts have previously estimated Strategy could face about $2.8 billion of passive selling in MSTR shares if the company were removed from MSCI indexes. The estimate would grow if other major index providers followed suit. MSTR shares were trading at $92.67, down 4.5% in a day at press time.
This is not Strategy's first brush with MSCI removal. In October 2025, MSCI considered excluding digital-asset treasuries with more than 50% of their balance sheet allocated to digital assets, but it reversed course in January, saying it needed further study before distinguishing operating companies from investment vehicles. Strategy, formerly MicroStrategy, started buying Bitcoin in August 2020 and has since spent around $63.3 billion accumulating the largest corporate Bitcoin position in the world.
Sources: TheStreet, CryptoSlate, Bitcoin Magazine
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