MSCI Consults on Rules That Could Remove Bitcoin Holders From Indexes

MSCI, a leading global index provider, has opened a public consultation on a new methodology that could lead to the removal of major Bitcoin-holding companies Strategy and Metaplanet from its widely tracked stock indexes. The proposal targets what MSCI terms "nonoperating companies," which build up assets like Bitcoin or uranium instead of generating cash from a core business. If adopted, the changes could take effect as early as November 2026, potentially forcing passive funds that track MSCI benchmarks to sell their shares in the affected firms.

The consultation, which began in early August 2026, outlines a two-step screening process. First, a company must demonstrate that its operating assets account for more than 50% of its total assets. Companies that fail this initial test move to a second evaluation based on five financial ratios, including operating cash flow and reliance on external financing. A company is flagged for potential exclusion if it fails at least four of these five measures. According to MSCI's simulation using data from May 2026, Strategy failed all five financial screens based on its 2025 filings. Metaplanet also failed the test.