MSCI Proposal Targets Non-Operating Companies in Global Indexes

MSCI, a leading provider of stock market indexes, is consulting on a proposal to exclude 'non-operating companies' from its Global Investable Market Indexes (GIMI). The change would remove Strategy and Metaplanet under a May 2026 simulation, as both firms primarily raise equity and debt to accumulate Bitcoin rather than fund software operations. Uranium holding company Yellow Cake PLC would also be deleted.

The proposed rule adds financial ratio tests to catch companies that behave like investment funds rather than operating businesses. A company first faces a core screen checking whether operating assets make up more than half of its balance sheet. Companies failing this test move to a second test covering five ratios, including operating asset intensity and cash flow.

The exclusion criteria would place three other companies on a public watchlist under the May 2026 simulation, including Ethereum treasury firm SharpLink. These firms failed the latest filing check only, so removal would require a second consecutive failure next year.