MSCI, one of the world's largest index providers, is consulting on new rules for "non-operating companies" in its Global Investable Market Indexes (GIMI). MSCI indices are used as benchmarks by thousands of funds and ETFs worldwide to construct portfolios; therefore, including or excluding a company directly affects whether major institutional and passive investors will hold its shares.
According to a simulation based on data from May 2026, Strategy (MSTR), Yellow Cake, and Metaplanet would fall under the new methodology and be removed from the indices. SharpLink and several other companies would be placed on a watch list.
The selection criteria examine the intensity of operating assets, operating expenses, cash flow from operations, changes in the fair value of non-operating assets, and cash flow from financing, in order to identify companies that primarily rely on raising capital to accumulate investment assets—meaning they hold crypto as their primary asset rather than generating revenue through operational business activities.
If the proposal is adopted, exclusion from the index would mean that passive funds tracking the MSCI composition would be required to sell shares of Strategy and Metaplanet, putting additional downward pressure on their stock prices regardless of the underlying fundamentals of their businesses.
The proposal has not yet been finalized. The consultation period closes on September 30, with results expected by October 16, and implementation could occur during the November 2026 index review.