MSCI Proposal Threatens $2 Billion in Passive Selling for Bitcoin Treasury Firms

MSCI is reviewing new eligibility rules that could impact companies like Strategy and Metaplanet, which hold significant amounts of Bitcoin. According to a recent proposal from the index provider, these companies may be removed from its Global Investable Market Indexes as soon as November 2026. The proposed rule targets corporate bitcoin treasury firms with limited operating businesses relative to their balance sheets.

The proposed screen measures five factors: operating asset intensity, operating expense intensity, cash generation, fair value changes, and dependence on outside capital. A company would need to meet at least four of these criteria to stay eligible. Simulation data from MSCI shows that Strategy fails all five tests based on its financial filings.

Strategy holds 840,447 Bitcoin and has argued that bitcoin should be treated as a legitimate treasury reserve asset rather than grounds for index exclusion. The company is part of a coalition challenging the proposed rule during MSCI's comment period.