MSCI has proposed new rules that could lead to the exclusion of bitcoin holding companies, including Strategy and Metaplanet, from its Global Investable Market Indexes. The proposed changes, which are open for feedback until September 30, 2026, would classify companies as 'non-operating' if they fail to meet certain financial criteria. This consultation follows a previous proposal that specifically targeted firms with significant digital asset holdings.
Proposed Exclusion Criteria
The new proposal introduces a two-step screening process based on whether operating assets exceed 50% of total assets and on five financial ratios. Companies that do not meet at least four of these ratios would be deemed ineligible for index inclusion. If implemented using data from May 2026, the rules could have resulted in the removal of Strategy, Metaplanet, and uranium holder Yellow Cake from the MSCI ACWI IMI Index.
Strategy has accumulated a total of 840,447 BTC, valued at approximately $53.18 billion, since 2020, making it the largest publicly listed bitcoin holding firm. Metaplanet has acquired 43,000 BTC, worth over $2 billion. The companies argue that the proposed rules unfairly penalize them for holding bitcoin, with Strategy stating, "Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own."
Feedback and Future Implications
The consultation period allows for industry feedback, with any changes to the index expected to take effect no earlier than the November 2026 review. MSCI's move has drawn criticism for potentially misclassifying operational firms as non-operating based solely on their asset composition. The outcome of this consultation could significantly impact the market perception of bitcoin as a legitimate asset class.
The proposed exclusion rules could lead to increased volatility for stocks of bitcoin holding firms like Strategy and Metaplanet, affecting their market valuations and investor sentiment. Investors will watch for the feedback MSCI receives during the consultation period and any subsequent changes to the index criteria.
Based on reporting by: coindesk.com