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MSCI proposes new rules that could remove MicroStrategy and Metaplanet from global indexes
MSCI has launched a public consultation regarding new eligibility criteria for its Global Investable Market Indexes (GIMI). The proposal introduces a methodology to identify and potentially exclude 'non-operating companies'—firms that focus on stockpiling assets rather than generating revenue through traditional business operations.
The new screening process involves a two-step test. Companies must first demonstrate that operating assets account for more than 50% of their total assets. Those failing this threshold face a second stage involving five financial ratios: operating asset intensity, expense intensity, operating cash flow, fair value intensity, and capital dependence. A company is flagged for removal if it fails at least four of these five tests.
A simulation using May 2026 data suggests that MicroStrategy, Metaplanet, and Yellow Cake PLC would be removed under these rules. MicroStrategy, a major Bitcoin holder, reportedly failed all five proposed tests based on its 2025 filings. Metaplanet and the uranium-focused Yellow Cake PLC are also identified as likely candidates for exclusion.
MicroStrategy has publicly opposed the proposal, arguing that index providers should measure markets rather than dictate which assets companies are permitted to hold. The consultation period is scheduled to end on September 30, 2026, with a final decision expected by October 16. If adopted, changes could be implemented during the November 2026 index review. Existing constituents are protected by a requirement to fail the new tests for two consecutive annual reviews before being removed.
Entities
MSCI · Metaplanet · Michael Saylor · MicroStrategy · Sharplink · Strategy · Yellow Cake PLC
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 11 SOURCES] The proposed rules target 'non-operating companies' that focus on stockpiling assets rather than generating cash from a core business. www.cryptopolitan.com · koinbulteni.com · newsbit.nl · bitcoinethereumnews.com · coindoo.com · +6 more
- [● 4 SOURCES] The public consultation period ends on September 30, 2026, with a final decision expected by October 16. koinbulteni.com · crypto.news · news.bitcoin.com
- [● 3 SOURCES] If the proposal is adopted, changes could be implemented during the November 2026 index review. crypto.news · koinbulteni.com · news.bitcoin.com
- [● 4 SOURCES] Existing index constituents are protected by a requirement to fail the new tests for two consecutive annual reviews before removal. coindoo.com · crypto.news · koinbulteni.com · bitcoinethereumnews.com
- [● 4 SOURCES] Based on 2025 filings, Strategy reportedly failed all five of the proposed financial ratio tests. www.cryptopolitan.com · news.bitcoin.com · cryptobriefing.com
- [● 6 SOURCES] A simulation using May 2026 data suggests Strategy, Metaplanet, and Yellow Cake PLC would be removed under the proposed rules. koinbulteni.com · crypto.news · news.bitcoin.com · newsbit.nl · coinpedia.org
- [● 11 SOURCES] MSCI has opened a public consultation regarding new eligibility criteria for its Global Investable Market Indexes (GIMI). koinbulteni.com · coindoo.com · crypto.news · www.cryptopolitan.com · news.bitcoin.com · +6 more
- [● 7 SOURCES] The screening process involves a two-step test; companies failing four out of five specific financial ratios are flagged for removal. koinbulteni.com · crypto.news · www.cryptopolitan.com · news.bitcoin.com · bitcoinethereumnews.com · +2 more