MSCI Targets MSTR as New Framework Puts Crypto Firms at Risk of Index Deletion

MSCI has renewed its efforts to exclude Bitcoin treasury firms from its index listings. The financial index provider is consulting on a new framework that would delete any 'non-operating company' regardless of the asset handled, potentially affecting firms like Strategy (MSTR) and Metaplanet.

The proposal marks a broader expansion of MSCI's guidelines, which previously targeted only non-operating firms handling crypto assets. The updated rule now covers companies buying and holding various assets, including uranium, as seen with Yellow Cake.

Following the initial proposal in late 2025, MSCI shelved its plan after facing backlash from critics who accused the firm of bias against the crypto sector. This time around, MSCI has clarified that consultation on the new rule 'may or may not lead to implementation of part or all of its proposals.'

JPMorgan analysts estimated that if MSTR were deleted from the index, it could face $2.8B in immediate direct outflows, with potential further losses if other indices follow suit.