MSCI has proposed to identify and exclude non-operating crypto-treasury firms from its Global Investable Market Indexes, described here as the MSCI exclusion proposal for non-operating crypto-treasury firms. Under the proposed screening methodology, Strategy and Metaplanet would face potential deletion from the MSCI ACWI IMI Index because of their bitcoin holdings. Strategy holds 840,447 BTC valued at $53.18 billion, and Metaplanet holds 43,000 BTC worth over $2 billion.
MSCI proposes to identify and exclude “non-operating companies” from its Global Investable Market Indexes. The proposed classification would be based on five financial ratios rather than a threshold for cryptocurrency holdings. The five exclusion ratios are operating asset intensity, expense intensity, cash flow, fair value intensity and capital dependence. Under the proposal, a company becomes ineligible for index inclusion if it fails four out of the five test ratios.
The methodology includes a core screen that checks whether operating assets account for more than 50% of total assets; companies that pass that core screen would not be subjected to the five-ratio exclusion test. Entities that do not meet the core-screen threshold would be evaluated under the five exclusion ratios. The five-ratio framework is presented instead of a previous threshold-based screen focused on cryptocurrency holdings. MSCI invited feedback through Sept. 30 and said any adopted changes would be folded into the November 2026 index review.
MSCI held an October 2025 consultation that targeted “digital asset treasury” firms and named 39 companies. That consultation triggered crypto market volatility and industry backlash. Following the market reaction, MSCI deferred the October 2025 consultation. The firm has since presented a new proposal that replaces the earlier threshold-based screen with a methodology based on five financial ratios.
MSCI invited feedback on the new proposal through Sept. 30 and said results would be announced around Oct. 16. Any changes adopted would be folded into the November 2026 index review.
MSCI has invited public feedback on its proposal to classify and exclude non-operating companies from its Global Investable Market Indexes, with responses accepted through Sept. 30. MSCI said it would announce the results of the consultation around Oct. 16. MSCI also stated that any changes adopted following the consultation would be incorporated into the November 2026 index review. The feedback window establishes a decision timeline that would permit MSCI to evaluate submissions, announce outcomes in mid-October, and incorporate adopted changes into the scheduled November index review.
The public feedback invitation and the scheduled index review together define the mechanism and timetable for potential implementation. The consultation process replaces the earlier threshold-based screening approach with a financial-ratio methodology under consideration. The MSCI exclusion proposal for non-operating crypto-treasury firms is relevant to index composition and to market impact.
