MSCI Proposal Targets Bitcoin-Backed Companies in Index Rebalancing

MSCI has opened a consultation on August 14, 2026 to remove companies without a meaningful operating business from its global equity indexes. The proposal would catch Strategy and Metaplanet, the two largest listed bitcoin holders, as per MSCI's own simulation.

The index provider plans to publish the outcome by October 16, 2026, with any deletion taking effect on December 1, 2026. Market participants have until September 30, 2026 to respond to the proposal.

Strategy holds its balance sheet almost entirely in bitcoin, with digital assets of $49.67 billion against total assets of $52.56 billion as of June 30, 2026. This means that Strategy's value closely tracks the bitcoin price, amplified by debt financing behind part of the purchases.