MSCI has proposed new index eligibility rules that could exclude companies holding significant digital assets from its Global Investable Market Indexes. The consultation, launched on August 3, 2026, targets firms classified as non-operating companies. If adopted, the policy would impact major Bitcoin treasury holders, including Strategy and Metaplanet.
The proposed methodology uses a two-step quantitative screen to identify companies acting as investment vehicles rather than traditional businesses. While existing constituents have some protections, simulations suggest that Strategy, which holds over 845,050 bitcoin, would be flagged for removal. The final decision is expected on October 16, 2026.
Strategy has challenged the proposal, arguing that the distinction between operating and non-operating companies lacks grounding in GAAP or IFRS standards. The company maintains that its Bitcoin treasury operations are a core business segment, a classification aligned with SEC reporting. Strategy claims the rules are discriminatory and lack transparency.
The dispute highlights the growing influence of private index providers over corporate governance. Critics argue that MSCI is exercising market regulation without accountability, potentially penalizing companies for their balance-sheet strategies. The consultation period ends on September 30, 2026, with implementation scheduled for December 1, 2026.
