MSCI is considering a major change to its index methodology that could have significant consequences for companies whose businesses are increasingly centered on holding investment assets, including Bitcoin and Ethereum.
Under the proposed changes, companies such as Strategy and Metaplanet could face removal from MSCI's Global Investable Market Indexes if they are determined to operate primarily as investment vehicles rather than conventional operating businesses.
The proposal is still under consultation and has not been finalized. MSCI is seeking feedback from market participants before making a final decision, meaning the companies identified in preliminary simulations are not yet certain to be removed from the indexes.
The potential change has nevertheless attracted considerable attention across the cryptocurrency market, particularly among investors following the rapid growth of corporate Bitcoin and Ethereum treasury strategies.
Crypto-focused account @WuBlockchain also highlighted the development, bringing renewed attention to the possible impact on companies that have made digital assets a central part of their balance sheets.
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| Source: Xpost |
Strategy and Metaplanet Face Potential Index Removal
A simulation based on May 2026 data indicates that Strategy, ticker MSTR, Yellow Cake and Metaplanet could be removed from relevant MSCI indexes if the proposed methodology were applied.
Strategy has become one of the most prominent examples of a public company using its balance sheet to accumulate Bitcoin.
Metaplanet has pursued a similar strategy in Japan, building a substantial Bitcoin treasury while using capital markets to finance additional purchases.
The proposed MSCI framework could therefore have implications beyond individual companies. It could influence how global investors classify publicly traded companies that primarily raise capital to acquire and hold financial assets.
MSCI Targets Non-Operating Companies
The central issue behind the proposal is the treatment of companies that MSCI believes have limited operating businesses and instead derive a substantial portion of their economic activity from investment assets.
Under the proposed methodology, MSCI would use several financial indicators to identify companies that may be primarily focused on raising capital and accumulating assets rather than operating a conventional business.
The proposed screening process includes measures related to operating asset intensity, operating expenses and operating cash flow.
It would also consider non-operating fair-value changes and financing cash flows.
Taken together, these metrics are designed to identify companies whose financial profiles may be increasingly dependent on investment assets and capital raising.
Why Bitcoin Treasury Companies Are in Focus
The proposed methodology is particularly relevant to the growing number of public companies adopting cryptocurrency treasury strategies.
Strategy has become the most prominent example.
The company has accumulated a large Bitcoin reserve while using equity offerings, debt and other financing mechanisms to fund additional purchases.
The approach has transformed Strategy from a traditional software company into one of the largest corporate holders of Bitcoin.
Metaplanet has followed a comparable model, using capital-market transactions to expand its Bitcoin holdings.
Other companies have adopted Ethereum treasury strategies, including SharpLink.
If MSCI's proposed methodology is implemented, companies whose financial structures increasingly resemble investment vehicles could face greater scrutiny when indexes are reviewed.
SharpLink Could Be Placed on a Watchlist
While Strategy and Metaplanet were identified as potential removals in the simulation, SharpLink and several other companies could instead be placed on a watchlist.
That distinction is important.
Being placed on a watchlist would not necessarily mean immediate removal from an MSCI index.
Instead, it could indicate that the company is approaching the thresholds under the proposed framework and may require additional review during future index assessments.
SharpLink has attracted significant attention because of its strategy of holding Ethereum as a major treasury asset.
The company has sought to build one of the largest corporate ETH holdings while using its public-market status to raise capital.
Its potential watchlist status illustrates how the proposed methodology could affect both Bitcoin and Ethereum treasury companies.
Capital Raising Is a Key Part of the Proposal
One of the most important elements of MSCI's proposed framework is its focus on financing activity.
Companies that repeatedly raise capital and use the proceeds primarily to purchase investment assets could be treated differently from businesses that generate cash through normal operations.
That distinction could become increasingly important as corporate cryptocurrency treasury strategies expand.
A company can raise hundreds of millions or even billions of dollars through equity or debt offerings and use the proceeds to purchase Bitcoin or Ethereum.
Although the company remains publicly traded, its economic profile can begin to resemble that of an investment vehicle.
MSCI's proposal appears designed to address that distinction.
The Methodology Could Affect Passive Investment
The consequences of an index removal could extend beyond the companies themselves.
MSCI indexes are widely followed by institutional investors and fund managers around the world.
Investment products that track MSCI benchmarks may be required to adjust their holdings when index constituents change.
If a company is removed, funds tracking the relevant index could potentially reduce their exposure to the stock.
That could create additional selling pressure, although the actual impact would depend on the number of funds tracking the affected indexes and the size of each company's weighting.
For companies whose shares have already experienced substantial volatility, an index removal could become an important market event.
Strategy's Unique Position
Strategy would be particularly significant in any MSCI decision because of the company's enormous Bitcoin treasury.
The company has repeatedly emphasized its role as a Bitcoin treasury company and has developed a distinctive capital-markets strategy around accumulating BTC.
Its stock has also become a way for investors to obtain indirect exposure to Bitcoin, while Strategy has used its equity and debt markets to expand its holdings.
That model has attracted both institutional and retail investors.
However, it also means that a large portion of the company's market value is closely connected to the value of its Bitcoin holdings.
MSCI's proposed methodology could therefore force index providers to reconsider how companies with similar structures should be categorized.
Metaplanet Could Face Similar Consequences
Metaplanet has emerged as one of the most prominent Bitcoin treasury companies outside the United States.
The Japanese company has pursued an aggressive accumulation strategy, announcing additional Bitcoin purchases while raising capital to support its treasury plans.
Its transformation has produced significant interest among cryptocurrency investors and shareholders.
However, the same characteristics that have made Metaplanet attractive to Bitcoin-focused investors could also make it vulnerable under MSCI's proposed screening criteria.
If the methodology determines that the company's activities are increasingly centered on holding investment assets rather than operating activities, its index eligibility could be affected.
The Proposal Is Not Final
Investors should keep in mind that MSCI has not yet made a final decision.
The current proposal remains subject to consultation, and the methodology could change before implementation.
The consultation period is scheduled to close on September 30.
MSCI is expected to announce the outcome by October 16, with potential implementation as part of the November 2026 Index Review.
That timeline gives affected companies and investors several weeks to assess the potential consequences.
Companies could also provide feedback during the consultation process in an effort to influence the final methodology.
What It Could Mean for Crypto Treasury Stocks
The proposal comes at a crucial moment for the corporate cryptocurrency treasury industry.
Over the past several years, public companies have increasingly used Bitcoin and Ethereum as treasury assets.
Supporters argue that the strategy can provide exposure to digital-asset growth and create new ways for investors to participate in cryptocurrency markets through publicly traded stocks.
Critics, however, question whether companies that primarily hold cryptocurrencies should receive the same index treatment as businesses with substantial operating activities.
MSCI's proposed methodology brings that debate directly into the world of global equity indexes.
Investors Await MSCI's Decision
The final outcome could have implications for Strategy, Metaplanet, SharpLink and other companies pursuing aggressive digital-asset treasury strategies.
If MSCI adopts the proposed methodology, companies that rely heavily on capital raising to accumulate investment assets could face greater challenges maintaining their positions in certain global indexes.
That could affect institutional ownership, index-linked demand and the way investors evaluate corporate cryptocurrency strategies.
For now, however, no removals have been finalized.
The consultation process remains underway, and MSCI could modify the proposed criteria before making its final determination.
The upcoming September consultation deadline and October decision will therefore be closely watched by investors across both traditional markets and the cryptocurrency sector.
The debate also reflects a broader question facing financial markets: as companies increasingly use their balance sheets to accumulate Bitcoin, Ethereum and other assets, should they continue to be treated like traditional operating businesses?
MSCI's proposal could become an important test of how major global index providers answer that question.
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