According to Bitcoin News, MSCI proposed new rules targeting non-operating companies in a May 2026 simulation, with Strategy, Metaplanet, and Yellow Cake identified for removal from MSCI ACWI IMI indices. The screening criteria evaluate companies based on operational assets, expenses and cash flow, fair value changes in non-operating assets, and reliance on capital raises to accumulate assets. The last criterion directly affects Strategy's business model of accumulating Bitcoin through equity and debt issuance.
The proposed rules remain subject to final approval. MSCI will close the public comment period on September 30, 2026, and expects to make a final decision by October 16, 2026. If approved, the index adjustments could take effect during the November 2026 index review period.
