MSCI initiated a new consultation to exclude so-called “non-business companies” from its global investmentable market index. Strategy and Metaplanet, which hold large amounts of bitcoin, are likely to be affected as measured by the current disclosure data and to have been eliminated at the earliest or in the November 2026 index evaluation.

The new rules no longer directly address the encryption hold.

The entry point for this proposal is not the share of encrypted assets, but whether the company has sufficient business assets and activities. MSCI proposes to use a two-step screening method to see whether an operating asset exceeds 50 per cent of the total asset. If not, then go to the second financial ratio test.

The second round will examine five indicators, including operational asset intensity, cost intensity, cash flow, fair value intensity and capital dependence. If a company fails to meet the target of four out of five, it is not considered appropriate for inclusion in the index.

Based on current data, two bitcoin holding companies are listed.

If the standard is applied to the current MSCI IMI index unit and based on data from May 2026, there are three companies that may be deleted, namely Strategy, Metaplanet and the Uranium Storage Company Yellow Cake.

  • Strategy holds 840 447 BTCs
  • Metaplanet holds 43,000 BTCs
  • The deadline for comments is 30 September

According to Bitcoin Treasures data, Strategy, listed in NASDAQ, has accumulated 840,447 BTCs since 2020, with a value of approximately $5.318 billion by caliber. Metaplanet, listed in Tokyo, owns 43,000 BTCs worth more than $2 billion.

Last year's proposal triggered an industry rebound.

MSCI had also initiated a round of consultations in October 2025, when it was directed at Digital Asset Treasury, which was about to list more than 50 per cent of its assets separately in Bitcoin or other encrypted currencies. The proposal, which was named at one time by 39 companies and triggered market fluctuations and industry opposition, was eventually postponed.

Unlike the previous one, the round of proposals extended to a broader range of “non-operational companies” and not only to encryption enterprises. MSCI states that market feedback will be collected by 30 September and results are planned for around 16 October. If finally adopted, the adjustment will not take effect before November 2026.