MSCI Targets Bitcoin Holders in New Index Exclusion Proposal
MSCI has revived its proposal to exclude Strategy and Metaplanet, two of the world's largest corporate Bitcoin holders, from its global equity indexes as early as November. The new framework targets 'non-operating companies' using a two-step test: companies whose operating assets fall below 50% of total assets face five additional financial ratio screens.
The proposed methodology was published this month and is not explicitly about cryptocurrency. A simulation using May 2026 data showed that Strategy, Metaplanet, and uranium investment firm Yellow Cake would be deleted from the MSCI ACWI IMI under the new rules.
Strategy responded to the proposal on August 14 with a pointed statement posted to X, formerly Twitter: 'Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own.'