MSCI has launched a new consultation that could put Bitcoin treasury companies Strategy and Metaplanet at risk of being removed from its indexes.

The proposal focuses on a broader category of companies described as “non-operating,” rather than directly targeting businesses based on their cryptocurrency holdings. MSCI would use five financial ratios to determine whether companies should remain eligible for its Global Investable Market Indexes.

Applying the proposed methodology to the MSCI ACWI IMI Index using May 2026 data would have resulted in the removal of three companies: Strategy (MSTR), Metaplanet (3350) and Yellow Cake.

Strategy has accumulated 840,447 BTC worth approximately $53.18 billion since adopting its Bitcoin treasury strategy in 2020, making it the largest publicly traded corporate Bitcoin holder, according to Bitcoin Treasuries. Metaplanet has built a holding of about 43,000 BTC valued at more than $2 billion. Yellow Cake is another publicly listed asset-holding company, although its primary asset is uranium rather than Bitcoin.

How the New Screening System Works

MSCI’s proposed framework would first examine whether operating assets make up more than 50% of a company’s total assets. Firms that pass this initial test would not face further screening.

Those that fail would be assessed using five additional financial measures: operating asset intensity, expense intensity, cash flow, fair-value intensity and capital dependence.

Companies that fail at least four of the five tests could be excluded from MSCI indexes.

Although Bitcoin is not specifically mentioned in the proposed rules, MSCI’s description of non-operating companies could capture firms that primarily create value by accumulating assets rather than generating cash through conventional business activities.

The index provider says such companies typically hold significant non-operating assets, generate limited operating cash flow and depend on external capital to fund expansion.

Companies already included in MSCI indexes would be evaluated under the relevant criteria, while potential new additions would face stricter requirements based on their most recent financial filings.

MSCI’s Earlier Crypto Proposal

The latest consultation follows MSCI’s October 2025 proposal targeting digital asset treasury companies directly. That initiative would have affected firms holding 50% or more of their assets in Bitcoin or other cryptocurrencies.

The proposal listed 39 companies and triggered volatility across crypto markets, while also drawing criticism from industry participants. MSCI later deferred the plan.

Decision Expected in October

The current consultation is still ongoing, with MSCI accepting feedback through Sept. 30. The organization expects to publish its decision around Oct. 16.

If approved, the proposed changes would take effect as part of the November 2026 index review. Until then, no final decision has been made regarding the index status of Strategy, Metaplanet or other companies that could fall under the new classification.