MSCI Proposal Could Strip MicroStrategy of Index Status
MicroStrategy's Bitcoin holdings are facing scrutiny as MSCI proposes new rules to exclude 'non-operating companies' from its global equity indexes.
The proposal would affect companies like Strategy, which has financed over $60 billion in Bitcoin purchases and is seeking additional capital to continue buying the cryptocurrency.
MSCI's consultation uses five financial metrics to determine if a company is primarily engaged in accumulating assets rather than operating businesses. A company would be considered ineligible if it fails MSCI's core operating-assets screen and four of the five additional tests.
Applying the proposed methodology using May 2026 data, Strategy, Japanese Bitcoin treasury company Metaplanet Inc., and uranium investor Yellow Cake Plc would be removed from the indexes.