MSCI Non-Operating Review May Exclude Strategy and Metaplanet by October

New MSCI screening criteria could remove Strategy, Metaplanet, and Yellow Cake from global indices. Strategy faces $2.8B passive outflow risk if excluded.

Woofun AI reports that MSCI is soliciting feedback on revised non-operating company identification methods, which may lead to the exclusion of Strategy and Metaplanet from the MSCI World Investable Markets Index. Simulations indicate that Strategy, Metaplanet, and Yellow Cake would be removed from the MSCI ACWI IMI, while SharpLink would be placed on a public observation list.

The proposed two-step screening evaluates operating asset structure followed by five specific criteria, including operating asset ratio and expense intensity. Companies failing the core test and meeting at least four exclusion criteria may be deemed ineligible. Existing index constituents face removal only after failing screening for two consecutive annual periods. Strategy, with a $23.9 billion adjusted market cap in May 2026 simulations, is the largest flagged entity. MSCI will accept input until September 30, with results expected by October 16. JPMorgan analysts previously estimated that Strategy's exclusion could trigger approximately $2.8 billion in passive fund outflows.