MSCI has initiated a new consultation that could lead to the exclusion of Strategy Inc. and Metaplanet from its global indexes. This proposal introduces a two-step test for 'non-operating companies,' which these firms, heavily invested in Bitcoin, currently fail, potentially leading to significant selling pressure if implemented.
MSCI has launched a new consultation proposing a two-step test for non-operating companies, which could lead to the exclusion of Strategy Inc. (MSTR) and Metaplanet (MTPLF) from its global indexes. This is a significant event because inclusion in major indexes like MSCI's provides passive investment flows and liquidity; exclusion could trigger substantial selling by index funds. Both MSTR and MTPLF are heavily invested in Bitcoin, and their business models are being scrutinized under this new 'core asset' and 'financial ratios' test, which they currently fail. This situation echoes a similar proposal in late 2025 that MSCI ultimately dropped due to industry backlash, but the current proposal is broader and asset-neutral, making it harder to challenge on specific asset class grounds. For traders, this presents a short-term risk for MSTR and MTPLF, as the potential for forced selling by index funds could depress their stock prices. The long-term implication is that companies with significant non-operating assets, regardless of the asset type, may face increased scrutiny for index inclusion, potentially impacting their investor base and valuation multiples.