TLDR
- MSCI opened a public consultation that could remove Strategy and Metaplanet from its stock indexes.
- A new screening test checks whether companies rely on raising money to buy assets like Bitcoin instead of running a core business.
- Strategy reportedly failed all five financial screens based on its 2025 filings.
- Public feedback closes September 30, 2026, with a decision expected by October 16.
- Removal could force funds that track MSCI indexes to sell shares in both companies.
MSCI opened a public consultation in early August 2026. The review could remove Strategy and Metaplanet from its Global Investable Market Indexes.
The proposal targets what MSCI calls non-operating companies. These are firms that build up assets, such as Bitcoin, instead of earning cash from a core business.
MSCI ran a simulation using data from May 2026. It found that Strategy, Metaplanet, and Yellow Cake PLC would have been removed under the new rules.
Yellow Cake is a UK company that holds uranium. Its place in the simulation shows the review is not aimed only at crypto companies.
How the New Screening Test Works
The proposal uses a two-step test. The first step checks whether a company’s operating assets make up more than half of its total assets.
Companies that fail this step move to a second test. That test looks at five financial measures, including cash flow and how much a company depends on raising money to buy assets.
A company is flagged if it fails four of the five measures. Strategy reportedly failed all five based on its 2025 filings.
Companies already in the index get some protection. They must fail the test in two straight annual reviews before removal.
New companies applying to join an index do not get that buffer. They can be blocked after one failed review.
SharpLink, Center Laboratories, and Lydia Holding also showed up in the simulation. Instead of facing removal, they would land on a public watchlist.
What This Means for Strategy and Metaplanet
Strategy held 840,447 Bitcoin as of August 9, according to its filing with US regulators. It sold 1,690 Bitcoin for $108.6 million and used the money to buy back its preferred stock.
Strategy also raised about $653.1 million by selling shares that week. Most of that money went into its cash reserves.
Metaplanet reports 43,000 Bitcoin on its corporate tracker. It posted a $20 million profit in the first half of 2026, even as Bitcoin’s price fell.
Metaplanet joined the MSCI Japan Index in February 2025. Its market value in MSCI’s May simulation was about $654 million.
This is not the first time MSCI has looked at this issue. In October 2025, it proposed excluding digital asset treasury companies based on their crypto holdings.
MSCI dropped that plan in January 2026 after pushback from companies and investors. Strategy had called the earlier rule “arbitrary” at the time.
If MSCI removes a company from an index, funds that track it must sell their shares. MSCI has not published its own estimate of how much selling this new proposal could cause.
An earlier estimate from JPMorgan pointed to about $2.8 billion in potential selling for Strategy. That figure was tied to the earlier proposal, not the current one.
The public feedback period closes September 30, 2026. MSCI plans to announce its final decision by October 16, with any changes possibly taking effect at the November 11 index review.
The post MSCI Proposes New Screening Test for Bitcoin Treasury Stocks appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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