Yellow Cake PLC

MSCI is considering new rules that could remove Michael Saylor's Strategy Inc. from its global equity indexes, reviving a threat to the company's financing model for its vast Bitcoin holdings. The proposal, part of a consultation seeking feedback through September, would exclude companies primarily engaged in accumulating assets rather than operating businesses, and applying it as of May would have removed Strategy, Metaplanet Inc., and Yellow Cake Plc. Strategy's shares have jumped over 35% in the past week as Bitcoin climbed above $80,000, but they remain down roughly 60% over the past year. The potential index removal could shrink the pool of investors required to own the stock, adding pressure to a capital structure already strained by shareholder dilution concerns. MSCI plans to announce the consultation results in October.

Under new criteria proposed by MSCI in August, Metaplanet, which holds large amounts of Bitcoin, could be removed from the MSCI ACWI IMI global equity index. In a trial calculation applying the new criteria to data as of May 2026, three companies were flagged for exclusion: Strategy, Metaplanet, and UK-based Yellow Cake. However, no exclusion has been decided at this point. MSCI is proposing a mechanism to remove companies whose character is more about holding assets or investing than their core business, classifying them as non-operating companies. It is accepting comments until September 30 and plans to announce the results by October 16. If the company is actually removed from the index, funds tracking the index could sell the stock, potentially putting downward pressure on the share price. Metaplanet's shares closed at 221 yen on August 14, down about 65 percent from their year-to-date high of 639 yen.

MSCI is proposing to exclude non-operating asset-holding companies from its global investible market indexes, which could force passive funds to sell shares of Strategy, Metaplanet, and Yellow Cake. The methodology targets companies whose value comes primarily from accumulating assets rather than operating a conventional business, and these three firms are the main ones affected. If adopted, the index exclusion could trigger forced sell-offs by funds tracking MSCI benchmarks, and other indexes may follow with similar rules. Strategy has argued it is more than a spot Bitcoin wrapper, but MSCI is asking it to prove this through operating assets, expenses, and cash flow. The proposal sets a risky precedent for the broader bitcoin treasury company industry.