MSCI is weighing a broader methodology change that could see Strategy and Metaplanet removed from its Global Investable Market Indexes as early as the November 2026 index review. The proposal targets companies whose businesses appear predominantly non-operating, rather than singling out Bitcoin treasury firms directly. Strategy, formerly MicroStrategy, is the largest publicly listed corporate holder of Bitcoin, while Metaplanet is a Tokyo-listed company that has made accumulating Bitcoin central to its business model.

The potential change follows MSCI's decision months earlier to abandon a previous proposal that would have excluded digital asset treasury companies under a 50% digital-asset asset threshold. Instead, the index provider said it would conduct a broader review of non-operating companies. That January decision kept the affected crypto treasury firms in its indexes for the February review.

MSCI's New Screening Framework

Under the proposed framework, a company would pass automatically if its operating assets exceed 50% of total assets. Companies falling below that threshold would face five additional tests covering operating asset intensity, expenses, operating cash flow, non-operating fair-value changes, and dependence on financing to accumulate assets. A company would be classified as non-operating if it triggers at least four of the five indicators.

A May 2026 simulation identified Strategy, Metaplanet, and uranium investment company Yellow Cake as existing constituents that would have been deleted under the proposed methodology. Strategy's simulated free-float-adjusted market capitalization was about $23.93 billion, while Metaplanet's stood at roughly $654 million. SharpLink, a company that has adopted an Ethereum treasury strategy, and two other companies would instead enter a watchlist after recording only one qualifying period of failure.

Potential Impact on Bitcoin Treasury Stocks

Removal could pressure the affected shares, as passive funds tracking MSCI benchmarks would need to rebalance. MSCI's Global Investable Market Indexes span developed and emerging markets and underpin portfolios holding trillions of dollars, so membership changes can drive significant trading volumes. However, MSCI has not provided an estimate for potential forced selling under the new proposal, and earlier estimates tied to the abandoned crypto-specific proposal should not be treated as forecasts for the current framework.

The proposal remains subject to consultation. Feedback is due September 30, and MSCI is expected to announce its decision on October 16. Any approved methodology changes could take effect through the November 2026 review. As it stands, Strategy and Metaplanet face a potential index-removal risk, not a confirmed deletion.