The world of cryptocurrency is once again in a state of flux, with major players like Bitcoin holding firms Strategy and Metaplanet facing potential exclusion from key indexes. This time, the culprit is the MSCI's proposal to identify and exclude 'non-operating companies' from its Global Investable Market Indexes, a move that could have significant implications for the industry.
A New Threat to Bitcoin Holding Firms
The proposed rules, which are open for public feedback until September 30, would use a two-step screen to determine eligibility. The first step checks if a company's operating assets exceed 50% of its total assets. If they fail this, a more complex exclusion screen comes into play, using five financial ratios to make the final call. Companies that fail at least four of these ratios would be deemed ineligible for index inclusion.
This new proposal is particularly concerning for Bitcoin holding firms like Strategy and Metaplanet, which have accumulated significant Bitcoin holdings. According to data from Bitcoin Treasuries, Strategy has amassed a total of 840,447 BTC ($53.18 billion) since 2020, making it the largest publicly listed Bitcoin holding firm. Metaplanet, listed on the Tokyo stock exchange, has acquired 43,000 BTC worth over $2 billion.
A Familiar Target
This isn't the first time these firms have faced potential exclusion. In October 2025, MSCI proposed a similar rule targeting 'digital asset treasury' firms holding 50% or more of assets in Bitcoin or other cryptocurrencies. This proposal, which named 39 companies, triggered crypto market volatility and industry backlash, ultimately being deferred.
The Two-Step Screen
The proposed two-step screen is designed to be more nuanced than the previous rule. The first step, the core screen, is relatively straightforward, checking if operating assets exceed 50% of total assets. If a company fails this, it moves to the exclusion screen, which uses five financial ratios to make the final determination.
The five ratios are: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A company becomes ineligible for index inclusion if it fails four out of the five test ratios.
A Checklist for Bitcoin Treasury Firms?
MSCI's description of 'non-operating companies' not fit for index inclusion reads like a checklist for Bitcoin treasury firms. They are described as companies that 'create value by accumulating and holding non-operating assets,' generate little cash from actual operations, and depend on outside capital rather than their own business to grow.
The Impact of Exclusion
If the proposed screen were applied to the MSCI ACWI IMI Index based on the companies' crypto holdings as of May 2026, it would have resulted in the deletion of Strategy, Metaplanet, and Yellow Cake, a listed holder of uranium. This exclusion would have significant implications for these firms, potentially affecting their market value and investor confidence.
A Delicate Balance
The MSCI's proposal highlights the delicate balance between regulation and innovation in the cryptocurrency space. While the index provider aims to maintain the integrity of its indexes, it must also consider the impact of its rules on the rapidly evolving cryptocurrency market.
Looking Ahead
The feedback period for the proposal ends on September 30, and the results will be announced on October 16. Any changes would be incorporated into the November 2026 index review, if the proposal is adopted. The future of Bitcoin holding firms like Strategy and Metaplanet hangs in the balance, as the industry awaits the outcome of this crucial consultation.
