Top publicly listed bitcoin holding firms, Strategy (MSTR) and Metaplanet (3350), are back in MSCI's crosshairs, months after dodging the index provider's crypto-specific exclusion rule.
The finance company has opened a new consultation this month, proposing to identify and exclude "non-operating companies" from its Global Investable Market Indexes. The proposed classification would be based on five financial ratios rather than a threshold for cryptocurrency holdings.
The proposed screen, if applied to the MSCI ACWI IMI Index based on the companies’ crypto holdings as of May 2026, would have resulted in the deletion of three companies: Strategy, Metaplanet and Yellow Cake.
Nasdaq-listed Strategy has steadily accumulated a total of 840,447 BTC ($53.18 billion) since 2020, becoming the largest publicly listed bitcoin holding firm, according to data from Bitcoin Treasuries. Tokyo-listed Metaplanet has snapped up 43,000 BTC, worth over $2 billion. Yellow Cake is a listed holder too, but of uranium, not bitcoin.
The process starts with a core screen which checks if a company's operating assets account for more than 50% of its total assets. If it does, no further scrutiny is conducted.
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