Overview
- MSCI opened a public consultation in August 2026 that would create a new category of “non-operating companies” and is accepting feedback through Sept. 30 with results due Oct. 16 and possible changes timed for the Nov. 11, 2026 index review.
- A May 2026 simulation run by MSCI showed three existing constituents — Strategy (MicroStrategy), Metaplanet and Yellow Cake — would have failed the proposed tests while SharpLink, Center Laboratories and Lydia Holding would be placed on a public watchlist.
- The proposed two-step test first exempts companies whose operating assets exceed 50% of total assets and then applies five financial ratio checks on firms that fail the core screen, with ineligibility triggered by failing at least four of those five ratios.
- If MSCI adopts the rule deletions would mechanically force passive funds that track its benchmarks to sell affected shares, which could cause large, concentrated outflows although MSCI has not published a specific forced-outflow estimate for this consultation.
- The debate builds on an earlier, narrower crypto-only proposal that was dropped in January and raises practical questions for firms such as Strategy and Metaplanet that hold large bitcoin treasuries largely funded by equity or debt raises because index exclusion could change their liquidity and fundraising dynamics.