MSCI Tightens Index Rules, Putting Bitcoin Treasury Firms at Risk

MSCI will apply a two-step assessment to determine index eligibility, focusing on whether a firm maintains substantial operating assets. If a company fails this initial check, it must pass a battery of five financial ratio tests to remain listed; failing four or more triggers exclusion. While these rules affect various passive investment vehicles, they specifically target firms like MicroStrategy and Japan’s Metaplanet, both of which have aggressive Bitcoin-heavy treasury strategies.

Existing index members receive a slight reprieve, as they must fail the screening across two consecutive annual filing periods before being removed. For prospective entrants, a failure in either of the two most recent periods is enough to block inclusion. MSCI will officially implement these changes at the close of trading on November 30, 2026, simultaneously ending temporary restrictions on companies holding significant digital assets.

MicroStrategy has publicly contested the methodology, arguing that its Bitcoin treasury operations constitute a legitimate operating segment. Despite the potential for removal, the company downplayed the immediate impact, noting that funds tracking MSCI indexes hold a relatively small portion of its outstanding shares. As the November deadline approaches, the market awaits the final list of companies that will be dropped from these influential investment benchmarks.