MSCI has launched a consultation that could widen the scope of companies removed from its stock indexes, with bitcoin treasury names Strategy and Metaplanet appearing on the deletion list, according to the source material.
The proposal focuses broadly on “non-operating companies,” a category that could capture firms whose market value is tied mainly to balance-sheet holdings rather than traditional operating businesses. The consultation has put two of the most closely watched bitcoin holders back in the spotlight, even as the final outcome remains uncertain.
Strategy, the company formerly known as MicroStrategy, has become one of the market’s best-known corporate bitcoin accumulators. Metaplanet, a Japanese company that has drawn attention for a similar approach, is also named in the context of the proposed index changes. The source indicates that both companies still land on the deletion list under MSCI’s new proposal.
Index exclusion can matter for more than reputation. When a company is removed from a widely tracked benchmark, passive funds and index-linked strategies may need to adjust holdings. That can influence trading flows around the effective date, although the scale and timing depend on the final index decision and on how market participants respond.
For now, the key point is that MSCI is consulting on a broader framework rather than targeting only a single business model. That leaves room for revisions before any formal action is taken. The wording in the source suggests the consultation is aimed at non-operating companies generally, which means the eventual rule could affect other firms as well.
The market has increasingly treated bitcoin treasury companies as a distinct category, blurring the line between corporate equity and crypto exposure. Strategy and Metaplanet have been among the most visible examples of that trend. Their appearance on a deletion list underscores the tension between traditional index construction and companies whose valuations are heavily influenced by digital-asset holdings.
At this stage, the consultation should be read as a proposal rather than a final determination. MSCI has not yet completed the process, and the source does not provide a timetable for a final decision. Investors and index followers will likely watch for further clarification on how broadly “non-operating companies” is defined and which names ultimately fall within scope.
Source: CoinDesk.
