Global index provider MSCI has adopted a new methodology that excludes « non-operational companies » from its indices, directly threatening Bitcoin Treasury Companies such as Strategy, Metaplanet, and Upexi. Under these new rules, companies must hold operational assets representing more than 50 % of their balance sheet to remain eligible, along with five disqualifying financial ratios. Firms failing at least four of these five tests will be deemed ineligible. The final list of companies to be removed will be published on November 11, with changes taking effect on November 30. Strategy, which accounted for 3.1 % of its outstanding common shares in these indices, or approximately 13 million MSTR shares, had already stated in August that its potential exclusion would not cause major disruption.
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