MSCI Considers Removing Strategy and Metaplanet from Global Indexes

MSCI is seeking feedback from market participants on proposed changes to its Global Investable Market Indexes (GIMI) until September 30, 2026. The proposed updates aim to refine the eligibility criteria for non-operating companies in these indexes. A simulation using May 2026 data has identified Strategy, Metaplanet, and Yellow Cake as potential candidates for removal from GIMI due to their lack of operating assets.

The updated rule would apply a two-stage screen to each industry, with automatic passing by issuers holding operating assets greater than 50% of total assets. Companies below the cutoff would undergo a second assessment of the intensity of their operating activities. If enacted, Strategy and Metaplanet could be deleted from all GIMI at the November 2026 Index Review.

Passive funds following these indexes may face selling pressure if these stocks are removed. MSCI has not provided an estimate of the potential impact on market capitalization. The actual outcome will depend on various factors, including updated company filings and persistence tests in the framework.