MSCI’s new rule targets non-operating companies, potentially removing bitcoin treasury firms from its Global Investable Market Indexes.
MSCI has launched a consultation to exclude non-operating companies from its Global Investable Market Indexes. The proposal uses a two-step screen, including a 50 percent operating assets threshold and five financial ratios. Firms failing at least four ratios may be deemed ineligible for index inclusion.
If applied to current data, the screen would remove Strategy (MSTR), Metaplanet (3350), and uranium holder Yellow Cake from the MSCI ACWI IMI Index. The consultation runs through September 30, with changes potentially taking effect in November 2026.
The new rules follow an earlier crypto-specific exclusion proposal, which Strategy and Metaplanet previously avoided. The latest proposal broadens the criteria beyond cryptocurrency holdings to financial ratios.