Overview
- MSCI opened a public consultation in August 2026 proposing a two‑stage test that first checks whether operating assets exceed 50% of total assets and then applies five financial screens to identify 'non‑operating' companies.
- Under the second stage a firm would be classed as non‑operating if it triggers at least four of five flags measuring operating asset intensity, operating expenses, operating cash flow, fair‑value swings in non‑operating assets, and reliance on external financing.
- A May 2026 simulation using MSCI data found that Strategy, Metaplanet and Yellow Cake would have been deleted under the proposed rules while SharpLink, Center Laboratories and Lydia Holding would land on a watchlist.
- If MSCI adopts the methodology and implements it in the November 2026 index review, passive funds that track MSCI benchmarks would be forced to sell any removed shares, which analysts say could translate into multi‑billion dollar selling pressure for affected firms.
- MSCI is taking feedback through Sept. 30, plans to publish consultation results on Oct. 16, and stresses the proposal may or may not be adopted and that company filings or financings before any decision could change outcomes.