MSCI Consultation Could Exclude Bitcoin Treasury Firms From Global Indexes

MSCI has initiated a methodological consultation that may lead to the exclusion of companies like MicroStrategy (MSTR) and Metaplanet from its global indexes. A report from the Bitcoin Policy Institute, dated September 30, 2026, suggests this proposal aims to filter out firms with significant Bitcoin (BTC) treasuries by classifying them based on operating versus non-operating assets. While MSCI's official August 2026 document does not explicitly name Bitcoin, internal metadata references suggest a focus on digital asset exclusions. Under the proposed criteria, companies must maintain operating assets above 50% of their total balance or pass specific financial ratio tests to remain eligible for the MSCI ACWI IMI index.