Web3: MSCI Plans Rule Adjustment, Strategy and Metaplanet May Be Removed from Index

MSCI is seeking market feedback on a new set of index inclusion standards. According to its simulated results for May 2026, Strategy, the Japan-listed Metaplanet, and Yellow Cake may be removed from the MSCI Global Investable Market Indexes. If these rules are implemented, the index eligibility of asset-holding listed companies may face stricter scrutiny.

New rules target asset-holding companies

The core of this proposal is to distinguish between traditional operating businesses and companies that mainly create value through holding assets. MSCI plans to adopt a two-step test.

The first step is to examine whether operating assets account for more than 50% of the company's total assets. If this threshold is not met, the company will undergo a second round of screening, which looks at the intensity of operating assets, operating expenses, business cash flow, exposure to changes in fair value, and reliance on external financing.

If a company triggers at least four of these five indicators, it may be classified as a “non-operating company”, thus losing eligibility for inclusion in the MSCI Global Investable Market Indexes.

Strategy and Metaplanet triggered the conditions in simulation

This framework is not specifically aimed at the crypto industry, but its impact on Bitcoin treasury-type companies that have emerged in recent years is particularly significant. The main practice of these companies is to continuously increase their Bitcoin holdings through debt or equity financing, while the proportion of their main business to their overall valuation narrative keeps declining.

Strategy is the most closely watched example of this model. The company has long expanded its Bitcoin holdings through bond issuance and financing, while its original software business has become relatively less important. Similarly, Metaplanet in Japan has used capital markets to continuously grow its corporate Bitcoin reserves.

• Strategy simulated market capitalization is about $23.9 billion
• Metaplanet simulated market capitalization is about $654 million
• If adopted, the rules are expected to take effect in the November 2026 review

The rules impact more than just Bitcoin treasury companies

MSCI emphasized in its statement that this proposal is not directed at crypto assets themselves. Yellow Cake, which may also be removed, is a London-listed company that provides investors with exposure to physical uranium holdings, rather than a traditional mining or industrial enterprise.

This means that MSCI focuses more on companies' asset structure and financing model, rather than whether their holdings are Bitcoin, Ethereum, uranium, or other financial assets. As more listed companies adopt asset reserve strategies, the impact scope of this classification approach may continue to expand.

SharpLink may be placed on the watchlist first

Not all companies that trigger the test will be immediately removed from the index. MSCI has also proposed a buffer arrangement to reduce frequent index adjustments. For companies already included in the index, removal will generally only occur if they fail the relevant screening in two consecutive annual reporting periods.

Based on the simulated results for May 2026, SharpLink will be placed on the watchlist, alongside Taiwan's Center Laboratories and Turkey's Lydia Holding. At that time, SharpLink’s float-adjusted market capitalization would be about $165 million. If it fails to meet the standards again in future annual reviews, it may then be removed from the index.

• Feedback collection ends by the end of September
• The final decision is expected to be announced on October 16
• If approved, implementation will occur in the November index review