MSCI is seeking feedback on a proposed rule change that would exclude certain “non-operating companies” from its Global Investable Market Indexes, a move that could affect firms built around large treasury holdings rather than traditional operating businesses.

In a May 2026 simulation cited in the proposal, the new framework would have removed Strategy, Japan-based Metaplanet, and Yellow Cake PLC, a uranium holding company. The consultation is open through September 30, with a decision scheduled for October 16 ahead of the November 2026 Index Review.

How the proposed screen would work

The proposal introduces new balance-sheet and financial-ratio tests aimed at separating operating companies from businesses that function more like investment vehicles. At the center of the framework is a core screen requiring operating assets to account for more than half of a company’s balance sheet.

If a company does not pass that first screen, it would move to a second layer of review based on five ratios. Those measures include operating asset intensity, cash-flow characteristics, and the extent to which a company relies on outside capital. A company that fails four of the five tests would become ineligible for inclusion in the indexes.

Why Strategy and Metaplanet are in scope

Under MSCI’s May 2026 simulation, Strategy and Metaplanet would have been excluded under the proposed criteria. The article says Strategy’s model of buying and holding Bitcoin, along with Metaplanet’s corporate Bitcoin treasury approach, would trigger the non-operating company screen.

The proposal therefore goes beyond crypto labels alone. MSCI’s approach is framed around financial structure and business behavior, rather than whether the underlying asset is Bitcoin or something else.

Yellow Cake and other companies on the watchlist

The same simulation would also have deleted Yellow Cake PLC, which holds uranium and has no connection to crypto markets. Its inclusion in the affected group suggests the proposal is meant to capture a broader class of listed entities whose main activity is holding assets rather than running an operating business.

MSCI would also publish a new public watchlist under the framework. In the May 2026 simulation, three additional companies would have appeared on that list, including Ethereum treasury firm SharpLink.

Timeline and what comes next

To limit disruption for companies already in the indexes, MSCI plans to use softer thresholds for current constituents. Under the proposal, an existing member would need to fail the tests in two consecutive annual filings before being removed, a step MSCI says is designed to preserve index stability.

The consultation period runs until September 30. MSCI said it expects to announce the outcome by October 16, and any approved changes would be implemented during the November 2026 Index Review. The result could shape how major index providers classify other public companies that have adopted digital assets as a primary treasury strategy.

Source: beincrypto.com