MSCI proposal could remove Strategy and Metaplanet from indexes, with $2.8 billion in selling tied to MSTR

News Editor

2026-08-14 16:50:00

MSCI is consulting on a new classification framework that could lead to Strategy, Metaplanet and other companies being removed from its global indexes. According to The Block, JPMorgan estimates that removing Strategy alone from MSCI indexes could trigger about $2.8 billion in passive outflows. The proposed framework targets so-called non-operating companies through a two-step review. MSCI would first assess whether a company has enough operating assets. If not, it would then test five financial ratios, including whether operating assets fall below 20% of total assets, operating expenses are below 5% of total assets, operating cash flow is negative, fair value changes from non-operating holdings exceed 5% of total assets, and capital dependency is above 20%. Hitting at least four of those five measures could result in a non-operating classification. Strategy, Metaplanet and uranium company Yellow Cake were identified as possible removals from the MSCI ACWI IMI Index, while SharpLink and two other companies were placed under review. MSCI said only sustained changes in business structure would qualify for reclassification, not a one-off failure. The consultation runs through Sept. 30, with results potentially announced as early as Oct. 16. Strategy pushed back on X, arguing that index providers should measure markets rather than decide what assets companies are allowed to hold.

MSCIStrategyMetaplanetMSTRIndex RebalancingPassive FlowsBitcoin Treasury Companies

MSCI is weighing a new classification method that could remove Strategy (MSTR) and Metaplanet from its global indexes. According to The Block, JPMorgan estimates that removing Strategy alone from MSCI indexes could lead to about $2.8 billion in passive outflows.

MSCI sets out a two-step screen for “non-operating companies”

Under the proposal, MSCI would apply a two-step process to identify what it calls non-operating companies. It would first examine whether a company has enough operating assets. If that test is not met, MSCI would then review five financial ratios.

Operating assets below 20% of total assets
Operating expenses below 5% of total assets
Negative operating cash flow
Fair value changes from non-operating holdings above 5% of total assets
Capital dependency above 20%

A company that triggers at least four of the five metrics could be classified as non-operating.

Strategy, Metaplanet and Yellow Cake named in the proposal

Companies identified as possible removals from the MSCI ACWI IMI Index include Strategy, Metaplanet and uranium company Yellow Cake. SharpLink and two other companies were placed on a watch list.

MSCI said reclassification would be triggered only by a sustained change in business structure, not by a temporary one-off shortfall. The consultation period runs through Sept. 30, and the outcome could be announced as early as Oct. 16.

ABMedia noted that Chain News reported in January that MSCI had decided at that time to keep MicroStrategy in the index. The review has now been reopened.

Strategy says index providers should measure markets, not dictate holdings

Strategy responded on X, saying: 「Digital assets are assets. Index providers should measure the market, not decide what assets companies are allowed to hold.」

The company argued that it is an actively operating business rather than a passive investment vehicle. It pointed to its software business, treasury operations and bitcoin-backed credit instruments. Strategy also called MSCI’s methodology arbitrary and said index standards should remain neutral.

Potential index removal could force passive funds and ETFs to rebalance

If Strategy is ultimately removed, passive funds and ETFs that hold MSTR would have to adjust their positions. The debate over whether bitcoin treasury companies should be treated like ordinary listed companies has returned to the forefront as a result.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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