MSCI's New Screen Could Knock Metaplanet and Strategy Out of Global Indexes

An MSCI proposal could see Strategy and Metaplanet removed from its global indexes under a new non-operating company screen.

The index provider announced a consultation on what it calls a "Non-Operating Company Screen" that would filter out firms that don't generate revenue from operations. This framework could have major implications for crypto-focused companies holding bitcoin as their primary business strategy.

What's Changing at MSCI

MSCI is considering adding stricter criteria to determine which companies qualify for inclusion in its widely-followed global equity indexes. The non-operating company screen specifically targets firms that derive minimal or no revenue from traditional business operations. For companies like Strategy and Metaplanet—both holding substantial bitcoin positions as their core investment thesis—this could be a problem.

These firms operate on a fundamentally different model than traditional operating companies. Rather than generating income through products or services, they function as corporate bitcoin treasuries. Their revenue streams, if any, come primarily from capital appreciation of their crypto holdings, not operational activities.

Impact on Bitcoin Holder Companies

Strategy and Metaplanet have made headlines in the crypto trading and portfolio management space for their aggressive bitcoin accumulation strategies. Both companies have positioned themselves as pure-play bitcoin investments for institutional and retail investors seeking crypto exposure through traditional stock markets.

Index removal would be significant. MSCI indexes track trillions of dollars in assets globally. Funds tracking these indexes would be forced to sell their positions if the companies get removed—creating potential selling pressure on both stocks.

The proposal isn't finalized. MSCI is still in consultation phase, gathering feedback from market participants about the non-operating company screen. This gives stakeholders time to make their case for why these companies should remain in the indexes despite their unconventional structure.

The Broader Implications

This move reflects tension between traditional index methodology and emerging asset classes. Bitcoin holder companies represent a new category of investment vehicle—essentially closed-end funds trading on public exchanges. They challenge conventional classifications used by index providers.

For crypto market intelligence purposes, this development matters. Index decisions directly influence capital flows. Removal from MSCI indexes could reduce institutional demand for these stocks, though it might not diminish their appeal as direct bitcoin exposure vehicles.

The crypto community has adapted to regulatory and structural challenges before. Whether through advocacy, structural modifications, or alternative indexing approaches, market participants typically find ways forward. Still, MSCI's consideration signals that traditional finance gatekeepers are actively reviewing how they treat crypto-adjacent investments.

Companies could potentially adjust their business structures to generate more traditional operating revenue, though this would fundamentally alter their investment thesis. Alternatively, they might seek inclusion in crypto-specific or alternative indexes designed for non-traditional assets.