Strategy faces fresh MSCI threat as MSTR risks index deletion — Details

Global financial index provider MSCI has renewed its push to exclude Bitcoin treasury firms from its listings. According to its latest proposal, MSCI is consulting to delete any “non-operating company” regardless of the asset the firm handles.  

The new broader framework has flagged Strategy (MSTR) and Metaplanet, some of the leading Bitcoin treasury firms worldwide.

If the framework is implemented as drafted, both Strategy and Metaplanet would be deleted from the MSCI Index. Notably, Ethereum treasury firm Sharplink would also be on the “watchlist” and likely end up being deleted too. 

The proposal is not any different from the earlier guidelines floated in late 2025 that triggered massive panic around MSTR.

In the previous proposal, only non-operating firms handling crypto assets were under target. So if a firm only buys and holds crypto assets but does not use them to run commercial services for revenue, then it would be a “non-operating firm” ripe for deletion. 

For the latest rule, the coverage has been expanded beyond just crypto assets. For example, Yellow Cake, which is also marked for deletion, buys and holds uranium. 

Will MSCI trigger another MSTR sell-off?

Following the uproar and strong lobbying against MSCI’s initial proposal in late 2025, the firm shelved the plan. However, it reiterated that crypto treasury firms will only be left on its index for the “time being.”