MSCI Proposes Major Changes to Global Indexes: Potential Removal of Strategy and Metaplanet by November 2026 Review

MSCI Proposes Major Changes to Global Indexes: Strategy and Metaplanet at Risk

August 14, 2026 — In a significant move that could reshape the landscape of global investment, MSCI, a leading index provider, has announced plans to consult market participants regarding proposed changes to its Global Investable Market Indexes (GIMI). If implemented, the changes could lead to the removal of notable companies, including Bitcoin treasury firms Strategy and Metaplanet, during the upcoming November 2026 Index Review.

The consultation period is open until September 30, with MSCI expected to announce the results around October 16. The proposed changes stem from a May 2026 backtest that flagged Strategy, Metaplanet, and U.K. uranium investor Yellow Cake for deletion due to their classification as non-operating companies.

New Eligibility Criteria

The proposed eligibility criteria would introduce a two-stage screening process for companies within each industry. Companies holding operating assets greater than 50% of their total assets would automatically pass the screen. Those falling below this threshold would undergo a more rigorous assessment, evaluating factors such as operating cash flow and reliance on financing.

This broader rule replaces a previously proposed crypto-specific threshold that was scrapped earlier this year amid investor concerns. The earlier proposal, which allowed a 50% digital asset threshold, was criticized for being arbitrary and ineffective in distinguishing between operating companies and investment vehicles.

Potential Market Impact

Should MSCI proceed with these changes, passive funds that track the affected indexes may be compelled to sell their holdings in Strategy, Metaplanet, and Yellow Cake. While MSCI has not provided specific estimates of the potential selling pressure, previous analyses suggested that the removal of Strategy alone could trigger approximately $2.8 billion in passive selling, based on earlier methodologies.

In the May simulation, Strategy, Yellow Cake, and Metaplanet were identified for deletion, with market capitalizations of $23.93 billion, $1.81 billion, and $654 million, respectively. Other companies, such as SharpLink and Center Laboratories, were placed on a public watchlist due to their single qualifying failure.

What’s Next?

As the consultation period unfolds, MSCI will consider feedback from market participants before finalizing its decisions. The outcome will depend on updated company filings and the persistence tests within the new framework.

Both Strategy and Metaplanet remain heavily invested in Bitcoin, with Metaplanet continuing to operate a Bitcoin treasury strategy. The May simulation is a hypothetical scenario, and the actual outcomes will be determined in November.

As the financial community awaits MSCI’s final decision, the implications of these proposed changes could resonate across the investment landscape, particularly for companies heavily involved in digital assets. Investors and analysts alike will be watching closely as the consultation period draws to a close.