Global financial index provider MSCI has renewed its push to exclude Bitcoin treasury firms from its listings. According to its latest proposal, MSCI is consulting to delete any “non-operating company” regardless of the asset the firm handles.
The new broader framework has flagged Strategy (MSTR) and Metaplanet, some of the leading Bitcoin treasury firms worldwide.
If the framework is implemented as drafted, both Strategy and Metaplanet would be deleted from the MSCI Index. Notably, Ethereum treasury firm Sharplink would also be on the “watchlist” and likely end up being deleted too.
The proposal is not any different from the earlier guidelines floated in late 2025 that triggered massive panic around MSTR.
In the previous proposal, only non-operating firms handling crypto assets were under target. So if a firm only buys and holds crypto assets but does not use them to run commercial services for revenue, then it would be a “non-operating firm” ripe for deletion.
For the latest rule, the coverage has been expanded beyond just crypto assets. For example, Yellow Cake, which is also marked for deletion, buys and holds uranium.
Will MSCI trigger another MSTR sell-off?
Following the uproar and strong lobbying against MSCI’s initial proposal in late 2025, the firm shelved the plan. However, it reiterated that crypto treasury firms will only be left on its index for the “time being.”
Most of the criticism against MSCI at that time was bias against the crypto sector. Some firms in different segments also fell within its so-called “non-operating company” category.
Perhaps, the newly proposed broader framework now seeks to be “fair” to avoid similar backlash. The firm has clarified that consultation on the new rule “may or may not lead to implementation of part or all of its proposals.”
Firms with zero cash flows, less than 20% of operating assets, and limited expenses will automatically trigger screening for possible deletion from the MSCI index.
With the previous proposal, JPMorgan analysts estimated that MSTR could see $2.8B in immediate direct outflows if MSCI axes it out. Over $8-12B in outflows would be feasible if other indices followed MSCI steps.
At that time, MSTR stock faced heavy selling pressure amid market fears, which spilled over to Bitcoin.
Whether a similar scenario will repeat for the second proposal remains unclear. However, MSCI plans to collect feedback by September and announce consultation results by mid-October. The final implementation of the rule could happen by November.
For his part, analyst Adam Livingston said,
Strategy vs. MSCI -$MSTR under attack! MSCI is considering a rule that could remove Strategy from major global indexes!
Following the update, MSTR dropped by 2% during pre-market hours on Friday, 14th August.
Final Summary
- MSCI plans to remove Strategy and Metaplanet from its index by November.
- MSTR dumped by 2% to $95 following the renewed exclusion threat.
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