MSCI Targets Unconventional Firms in Index Overhaul
MSCI, a leading provider of stock market indexes, is considering changes to its Global Investable Market Indexes (GIMI) that could affect several companies with unconventional business models.
The proposed rule would exclude 'non-operating companies' from the index, which would remove Strategy and Metaplanet under a May 2026 simulation. These two firms have built large Bitcoin treasuries through share issuance and debt financing, rather than operating as traditional businesses.
Yellow Cake PLC, a uranium holding company, would also be deleted due to its lack of operational assets on its balance sheet.
The new rule adds financial ratio tests to catch companies that behave like investment funds rather than operating businesses. Companies would need to fail two consecutive annual filings to be removed from the index.
SharpLink, an Ethereum treasury firm, as well as Strategy and Metaplanet, would land on a public watchlist under the May 2026 simulation due to failing the latest filing check.