MSCI proposed index exclusion rules for non-operating companies
A recent MSCI consultation on MSCI proposed index exclusion rules for non-operating companies could remove Strategy, Metaplanet and Yellow Cake from the MSCI ACWI IMI index based on May 2026 data. In a prior proposal published in December 2025, MSCI would have excluded companies whose digital assets constituted at least 50% of total assets. Strategy has responded by saying it is an operating company with a software business, active treasury operations and bitcoin-backed credit instruments, and by arguing the 50% threshold is arbitrary and calling for neutral index standards.
Strategy summarized its response by describing its operations and contesting MSCI’s exclusion criteria. The company said it is an operating company with a software business, active treasury operations and bitcoin-backed credit instruments, and it presented those points as part of its defence of its classification. Strategy objected to MSCI’s December 2025 proposal that would have excluded companies whose digital assets represented at least 50% of total assets, calling that 50% threshold arbitrary. The company also called for neutral index standards to govern inclusion and exclusion decisions.
Strategy included direct critical statements about MSCI’s proposal in its response. The company said, “Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own.” It also said, “MSCI’s proposal puts it out of step with regulators, markets, and its own customers.” Strategy added, “Bitcoin doesn’t need MSCI. Neither does Strategy.” These remarks were presented as part of its objection to the proposed exclusion rules.
Strategy framed its defence as a call for neutral index standards and reiterated its view that the proposed threshold is arbitrary. The company’s statements emphasized its operating activities and its objection to the exclusion approach.
MSTR stock price declined 4.3% on Friday, as reported in the article covering MSCI’s proposed index exclusion rules for non-operating companies. Bitcoin price dipped to $62,600 in the same report. These movements were included in the article’s reporting of market reaction to the MSCI proposed index exclusion rules for non-operating companies. The article presented the stock and bitcoin price movements as part of the recorded market reaction.
MSCI’s proposed index exclusion rules could affect the inclusion of companies such as Strategy, Metaplanet and Yellow Cake in the MSCI ACWI IMI index. Affected companies have challenged their classification and called for neutral index standards. The article presented these developments as part of the ongoing MSCI consultation process.
