MSCI Once Again Raised Issue of Excluding Crypto Treasuries from Global Indexes

• MSCI has decided to change its approach to companies that accumulate crypto assets.
• In particular, Strategy, Metaplanet, and SharpLink have once again come under threat of being removed from the indexes.
• Meanwhile, market participants will be able to submit feedback through September 30, after which the company plans to announce the consultation results by October 16.

Index provider MSCI has proposed changing the inclusion rules for its Global Investable Market Indexes (GIMI), which could potentially lead to the removal of companies that primarily accumulate investment assets rather than run an operating business. The proposed methodology could affect Strategy, Metaplanet, and other DAT companies, and could potentially impact passive investment flows into their shares.

MSCI has not yet made a final decision: the consultation will run through September 30, 2026, and the results are expected to be published by October 16.

If the proposed rules are approved, the changes could be implemented during MSCI’s index review in November.

Notably, this is not MSCI’s first attempt to revisit the status of such companies. In early 2026, following a consultation, the provider backed off from removing DAT companies from GIMI, but said it intended to take a broader look at its approach to non-operating companies.