MSCI, a traditional descriptive index provider, has seen its influence transform into private market governance over the companies it tracks. On August 3, 2026, the index launched a consultation to exclude « non-operating companies » from its GIMI global index, directly threatening Strategy (formerly MicroStrategy), the world’s largest corporate Bitcoin holder with 845,050 bitcoin, alongside companies such as Japan’s Metaplanet and UK’s Yellow Cake plc. The two-step methodology would require companies to maintain operating assets exceeding 50 percent of total assets, then apply five financial ratios: failing four of the five would trigger exclusion. Strategy, valued at over $23.9 billion in float-adjusted market capitalization, has fiercely contested this approach, arguing that its Bitcoin activities constitute an official operating segment compliant with U.S. GAAP and validated by the SEC. The consultation period closes on September 30, 2026, with implementation scheduled for December 1, 2026.
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