MSCI is weighing new eligibility rules that could remove Michael Saylor’s Strategy and Japan’s Metaplanet from its widely tracked Global Investable Market Indexes, a shift that could force up to $2 billion in passive selling.
Key Takeaways
MSCI’s proposal could delete Strategy and Metaplanet from its Global Investable Market Indexes as soon as November 2026.A simulation shows Strategy fails at least four of five financial screens, the threshold for exclusion.The consultation stays open through September 30, with a final methodology due October 16.The screen measures five factors, namely operating asset intensity, operating expense intensity, cash generation, fair value changes and dependence on outside capital. Under the proposed thresholds, a company would need operating assets above 20% of total assets, operating expenses above 5%, positive operating cash flow, fair value changes below 5% of total assets, and capital dependence below 20% to stay eligible. A company that fails at least four of the five tests would be removed.
Lastly, at least three other digital-asset-linked firms, including ether treasury company Sharplink, would land on a watchlist for future review rather than face immediate removal.
Billions in Passive Selling at StakeThe stakes are significant because of how much passive capital tracks MSCI’s indexes. Analysts have put the potential forced-selling pressure on Strategy alone at $1.8 billion to $2.0 billion if the stock is deleted, since index funds and exchange-traded funds that mirror the GIMI benchmarks would be required to sell their holdings to stay compliant.
The pushback reflects a broader industry argument that has circulated since MSCI first floated the idea, i.e. a company holding bitcoin instead of cash, gold or short-term bonds is making a treasury decision, not fundamentally changing its business, and should not be penalized on that basis alone.
