MSCI Proposal Could Force Strategy, Metaplanet Out of Major Indexes

MSCI has opened a consultation on a new methodology that could remove Strategy and Metaplanet from its Global Investable Market Indexes. A simulation using May 2026 data showed both companies, along with uranium investment firm Yellow Cake, would be deleted under the proposed rules, while several other firms would be placed on a public watchlist.

How the Screening Works

Companies would first be evaluated on whether they hold sufficient operating assets. Those that fail this initial test would then be measured against five financial ratios, including operating asset intensity, cash flow, and capital dependence. A company becomes ineligible if it fails the core screen and triggers at least four of the five exclusion flags. Existing index members would need to fail these tests for two consecutive years before removal, reducing turnover.

Market Impact Could Be Significant

Strategy, currently valued near $23.9 billion in free-float market cap, is the largest company flagged. Analysts have previously estimated that removing Strategy from MSCI indexes alone could trigger billions in passive fund outflows. MSCI is accepting feedback through the end of September, with results expected in mid October.