Bitcoin treasury firms Strategy and Metaplanet face potential removal from the MSCI’s Global Investable Market Indexes. This follows the index provider’s adoption of a new methodology which would make non-operating companies eligible for inclusion in its global index.
In an announcement, the firm said that it will adopt the proposal to exclude non-operating companies from its global index, potentially putting Strategy and Metaplanet at risk of removal. This follows a consultation period in which it sought to expand the definition of non-operating companies.
As CoinGape earlier reported, the MSCI launched the consultation in August, classifying corporate issuers that have similar characteristics to various investment funds and Business Development Companies (BDCs) as non-operating companies. It sought to determine, through two screens, which corporate issuers would fall under this lens.
The initial screen was to determine whether the corporate issuer is a company with substantial operating costs. Issuers that fail this screen then undergo the exclusion screen based on five non-industry-specific financial ratios. These ratios are operating asset intensity, expense intensity, cash flow screen, fair value intensity, and capital dependence. Getting flagged on at least four out of five of these ratios leads to exclusion.
MSCI also said it will release the final list of companies facing exclusion on November 11. The index provider said that it will remove constituents that fail the ineligibility screen in te two of their most recent annual filings.
The firm also pointed to a list of companies that could be impacted by this methodology, with Strategy and Metaplanet facing removal in this simulation. Meanwhile, crypto treasury firms such as Bitmine, Upexi, Cypherpunk Technologies, and DeFi Development are on the watchlist.
Following the November 2026 Index Review announcement, MSCI noted that the new methodology will replace the interim measures it had put in place for digital asset treasury companies. The Strategy stock is down over 1% in overnight trading, trading at $149, according to TradingView data.
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