Index provider MSCI has proposed changes to the rules for inclusion in its Global Investable Market Indexes (GIMI), which could potentially lead to the exclusion of companies that primarily accumulate investment assets instead of conducting operational business. The proposed methodology could affect Strategy, Metaplanet, and other DATs, and potentially impact passive investment flows into their shares.
MSCI has not yet made a final decision: consultations will continue until September 30, 2026, and the results are planned to be announced by October 16.
If the proposed rules are approved, changes could be implemented during the MSCI index review in November.
Recall that this is not MSCI's first attempt to reconsider the status of such companies. In early 2026, the provider, after consultations, decided not to exclude DATs from GIMI, but announced its intention to more broadly review its approach to non-operational companies.
Companies That Could Be Excluded from MSCI Indices
As part of its analysis of the MSCI ACWI IMI index, the company identified three potential exclusions — Strategy, Yellow Cake, and Metaplanet.
Another three companies could be placed on a new public watchlist — Center Laboratories, Lydia Holding, and SharpLink.
For current index constituents, MSCI proposes applying an additional protective mechanism: a company must fail to meet the criteria for two consecutive annual periods before being excluded. For companies not yet in the index, one period is sufficient to deem them ineligible.
Criteria Proposed by MSCI
The methodology consists of two stages. First, a company must pass the Core Screen, which requires operational assets to comprise more than 50% of total assets. If it fails this requirement, an additional Exclusion Screen with five financial metrics is applied.
A company will be deemed ineligible for index inclusion if at least four of the five criteria are triggered:
- operational assets constitute less than 20% of total assets;
- operating expenses — less than 5% of assets;
- operating cash flow is negative;
- the proportion of non-operational fair value changes exceeds thresholds set by MSCI;
- the company is significantly reliant on raising capital to accumulate assets.
This last criterion is one of the key ones for companies that use capital raising to purchase crypto assets.
Previously, JPMorgan estimated that the potential exclusion of Strategy alone could trigger outflows of up to $8.8 billion, while estimates from DAT supporters suggested potential outflows of $10 billion-$15 billion in case of a broader exclusion of such companies.
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