MSCI has reopened a proposal that could strip Strategy and Metaplanet, two of the largest corporate holders of Bitcoin, from its Global Investable Market Indexes — the same category of proposal that preceded a sharp Bitcoin selloff when it first surfaced late last year. Under the plan, MSCI would screen out "non-operating companies" using a two-step test: whether operating assets exceed 50% of total assets, and performance against five financial ratios, with a company failing at least four of those ratios deemed ineligible for inclusion.
Running the screen against May 2026 data would have removed Strategy, Metaplanet and uranium investment firm Yellow Cake from the MSCI ACWI IMI Index, according to MSCI's own consultation document. The firm is taking feedback through September 30, with results expected by October 16 and any changes taking effect no earlier than the November 2026 index review.
A Repeat of the October Catalyst
The proposal echoes the one that triggered Bitcoin's October 10 crash, when the index provider first floated similar exclusion criteria and the token dropped roughly $18,000 in a single day, and more than $20,000 over the following stretch, as investors priced in the risk of forced selling by index-tracking funds. JPMorgan has estimated that a Strategy exclusion under the current proposal could trigger as much as $8.8 billion in passive outflows, given the sheer scale of index funds that hold MSTR simply because it sits in the benchmark.
Strategy Pushes Back
Strategy responded directly on its own account, arguing the company shouldn't be treated as a passive investment vehicle: "Digital assets are assets. Index providers should measure markets, not decide which assets companies are allowed to own. MSCI's proposal puts it out of step with regulators, markets, and its own customers. Bitcoin doesn't need MSCI. Neither does Strategy." The company has previously pointed to its software business, active treasury operations and Bitcoin-backed credit instruments as evidence it operates as more than a bitcoin holding shell.
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The dispute puts MSCI in a difficult position: its own October proposal already moved markets once, and a second attempt — even one still open for public comment — risks reigniting the same forced-selling fears among Bitcoin-exposed equities before any final decision is made.
