MSCI Weighs Excluding 'Non-Operating' Firms From Its Indexes

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.