Strategy and Metaplanet may face removal from the MSCI index, with the decision expected to be announced in October.

MSCI is soliciting feedback on a new non-operating company identification methodology, a proposal that could result in Strategy and Metaplanet being removed from MSCI’s global investable market indices. Based on MSCI’s simulation using May 2026 data, Strategy, Metaplanet, and uranium investment firm Yellow Cake would be excluded from the MSCI All Country World Index Investable Market Index (ACWI IMI), while companies including SharpLink would be placed on a public watchlist. The new methodology adopts a two-step screening process. Companies first undergo an operating asset structure test; if they fail, they are evaluated based on five metrics: operating asset ratio, expense intensity, operating cash flow, fair value changes, and capital dependence. Failing the core test and triggering at least four exclusion criteria simultaneously may deem a company ineligible for index inclusion. For companies already included in indices, MSCI plans to apply relatively lenient thresholds, requiring failure to pass screening for two consecutive annual reporting periods before removal. Strategy’s free-float adjusted market capitalization in the May 2026 simulation stood at $23.9 billion, making it the largest company flagged for potential removal. MSCI noted that the proposal will not immediately alter index constituents, as it is soliciting feedback from market participants through September 30, with consultation results expected to be released by October 16. JPMorgan analysts previously estimated that Strategy’s exclusion from MSCI indices could trigger roughly $2.8 billion in passive fund outflows.