Index provider MSCI has launched a new consultation that could exclude so-called 'non-operating companies' from its Global Investable Market Indexes. The proposed framework drops the previous reliance on crypto-asset share as a single threshold, replacing it with a two-step screen: first, operating assets must exceed 50% of total assets; failing that, companies are tested against five financial ratios — operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. At least four failures disqualify a firm. Applying current data to the MSCI ACWI IMI would remove Bitcoin holders Strategy (MSTR) and Metaplanet (3350), as well as uranium holder Yellow Cake. Strategy has accumulated about 840,400 BTC since 2020, while Metaplanet holds roughly 43,000 BTC. MSCI describes such firms as generating value by accumulating and holding non-operating assets, with limited operational cash flow and reliance on external financing. Comments close September 30, with results expected around October 16; even if approved, index changes would not take effect until the November 2026 review. A prior consultation in October 2025, which used a 50% crypto-asset threshold, was postponed after market volatility and industry backlash.
MSCI has opened a fresh consultation that could remove companies with large Bitcoin holdings from its global benchmark indexes. The index provider is proposing to exclude so-called 'non-operating companies' from the Global Investable Market Indexes, according to CoinDesk.
The proposed framework departs from the previous single-threshold approach based on crypto-asset share. Instead, a two-step screening process would be used: a company must first show operating assets exceeding 50% of total assets. Firms that fail that test are then judged on five financial ratios - operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. Falling short in at least four of those areas would disqualify a company from inclusion.
Applying current data to the MSCI ACWI IMI index would remove Strategy (MSTR), Metaplanet (3350) and uranium holder Yellow Cake. Strategy has accumulated about 840,400 BTC since 2020, while Metaplanet holds around 43,000 BTC.
MSCI describes 'non-operating companies' as businesses that create value by accumulating and holding non-operating assets, have limited operating cash flow, and depend on external financing for growth.
The consultation period runs until September 30, with results expected around October 16. Even if approved by MSCI, any index changes would not take effect until the November 2026 index review at the earliest.
The move follows a similar MSCI consultation in October 2025 that targeted 'digital asset treasury' companies using a 50% crypto-asset threshold. That initiative triggered market volatility and industry opposition, and was eventually postponed.
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