Strategy, Metaplanet Could Lose MSCI Index Eligibility Under New Proposal

Strategy and Metaplanet could lose eligibility for MSCI’s Global Investable Market Indexes (GIMI) under proposed rules to identify non-operating companies whose financial profiles are driven more by investment assets than conventional business operations, potentially affecting two prominent corporate crypto treasury names.

Specifically, a simulation using May 2026 data would remove Strategy (MSTR), Metaplanet, and uranium investor Yellow Cake from the indexes. SharpLink, an ETH treasury company, and several other companies would be placed on a watchlist. 

To make that determination, MSCI proposes evaluating a company’s operating profile through measures such as operating asset intensity, expenses, and cash flow, while also examining fair value changes from non-operating activities and financing cash flow.

The changes remain under consultation and have not been finalized. MSCI will accept feedback through Sept. 30 and expects to publish the results by Oct. 16, with implementation possible during the November 2026 Index Review.

Source: MSCI