MSCI Proposes Stricter Index Criteria Targeting Bitcoin Treasury Firms Like Strategy and Metaplanet

Companies that fail the initial screening face a secondary exclusion assessment built on five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. A firm becomes ineligible for index inclusion if it fails four of these five tests.

MSCI’s description of the non-operating companies deemed unfit for indexes reads like a direct checklist for bitcoin treasury firms, though it avoids naming them explicitly. The criteria target entities that “create value by accumulating and holding non-operating assets,” generate minimal cash from actual operations, and rely on external capital rather than organic business growth to expand. Companies not currently in the index face even stricter thresholds based on their latest single filing.

Proposal Remains Subject to Feedback

An earlier consultation launched in October 2025 specifically targeted “digital asset treasury” firms holding 50% or more of their assets in bitcoin or other cryptocurrencies. That proposal identified 39 companies, sparking crypto market volatility and industry pushback, and was ultimately deferred.

MSCI has invited market participants to submit feedback through September 30, with results expected approximately two weeks later on October 16. Should the proposal be adopted, any resulting changes would be implemented during the November 2026 index review.

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