MSCI proposes excluding Strategy and Metaplanet from stock indices

MSCI Inc. has launched a consultation on the exclusion of companies deemed non-operating from its global stock indices, with Bitcoin Strategy Holdings and Metaplanet among the firms facing potential removal.

The index provider’s proposal, outlined in a public notice on Thursday, broadens the criteria for exclusion beyond its traditional focus on operational activity. Under the new framework, companies primarily engaged in passive investment, asset holding or cryptocurrency exposure—without active business operations—could be removed from MSCI’s flagship equity benchmarks.

Bitcoin Strategy Holdings, which holds bitcoin as its primary asset, and Metaplanet, a Japanese firm with significant cryptocurrency holdings, are specifically cited in the consultation as examples of entities that may no longer qualify for inclusion. Both companies have gained attention in recent years for their exposure to digital assets, though neither generates revenue from traditional business activities.

MSCI’s move reflects a tightening of index membership rules amid growing scrutiny of firms structured around single-asset exposures or passive investment vehicles. The consultation period runs through Sept. 12, with final decisions expected later this year.

The proposal does not affect companies with diversified operations or those that derive revenue from active business segments, even if they hold crypto assets as part of their treasury strategy. MSCI’s global indices serve as benchmarks for trillions of dollars in passive investment funds, making inclusion or exclusion a material consideration for affected firms and their shareholders.

A spokesperson for MSCI declined to comment beyond the consultation document.