MSCI Proposes Rules to Boot Strategy and Metaplanet From Indexes

MSCI is proposing new rules for its Global Investable Market Indexes (GIMI), which could boot Strategy and Metaplanet from the indexes as soon as November 2026. The proposed rules would exclude companies with limited operating businesses relative to their balance sheets, specifically targeting corporate Bitcoin treasury firms.

According to MSCI's simulation, Strategy fails at least four of five financial screens, including operating asset intensity, operating expense intensity, cash generation, fair value changes, and dependence on outside capital. This means that if the proposal is adopted, up to $2 billion in passive selling could occur, as index funds and ETFs would be required to sell their holdings to stay compliant.

Strategy has pushed back against the proposal, arguing that Bitcoin should be treated as a legitimate treasury reserve asset rather than grounds for index exclusion. The company has joined a coalition of other Bitcoin treasury firms challenging the proposed rule during MSCI's comment period.