- MSCI finalized a rule change classifying companies as non-operating firms, effective Nov. 30, using a core screen and a five-ratio exclusion test.
- The change targets Bitcoin treasury firms like Strategy and Metaplanet, and scraps a temporary 2025 reprieve for companies with 50%+ digital-asset holdings; the affected list comes Nov. 11.
- Removal from indexes would force tracking funds to sell the shares; Saylor criticized the move as “discriminatory.”
MSCI has finalized a rule change that could remove Bitcoin treasury companies from its widely tracked equity indexes, threatening a key source of passive investment demand for firms like Michael Saylor‘s Strategy.
According to an announcement dated Oct. 15, the index provider will classify “non-operating companies” as ineligible starting Nov. 30. Consequently, the new methodology screens for issuers lacking substantial operating assets, using a core test and five financial ratios.
The rule specifically targets firms whose balance sheets are dominated by a single asset, such as Strategy‘s massive Bitcoin holdings or Japan‘s Metaplanet. It also scraps a temporary reprieve for companies whose digital assets made up over 50% of total assets.
Removal from major MSCI indexes would force tracking funds to sell the affected shares, potentially pressuring stock prices. Saylor had urged MSCI to drop what he called a “discriminatory” rule.
The threat has already spurred defensive maneuvers, with Metaplanet recently buying and selling Bitcoin to demonstrate active treasury management. Market prediction platforms like MicroStrategy-hold-over-1m-btc-before-2027″>Myriad show odds on Strategy‘s future holdings.
MSCI is expected to publish the final list of affected companies on Nov. 11.
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