Strategy and Metaplanet Face MSCI Index Removal Proposal
MSCI, a leading index provider, is considering a new methodology that could remove Strategy and Metaplanet from its Global Investable Market Indexes as early as November 2026. The proposal, which was announced in May using data from the same month, would delete these two Bitcoin treasury companies and Yellow Cake, a U.K. uranium investor, due to their non-operating status.
The new methodology applies financial tests across industries rather than singling out specific cryptocurrencies like Bitcoin. Companies are treated as non-operating if they trigger at least four of five flags, including operating asset intensity, expenses, operating cash flow, and reliance on financing for asset accumulation.
Strategy, with a free float adjusted market capitalization of $23.93 billion, would be deleted under the proposed rules, along with Metaplanet, at $654 million. Yellow Cake, at $1.81 billion, would also be removed. SharpLink, on the other hand, would enter a public watchlist due to its recent quarterly filing showing significant ETH holdings.
The proposal remains open for feedback until September 30, with results expected by October 16 and possible implementation in November.