MSCI is consulting on a proposal to exclude non-operating companies from its GIMI indexes, which could remove Strategy, Metaplanet, and Yellow Cake PLC by November 2026. The proposed rule would add financial ratio tests to identify companies that behave like investment funds rather than operating businesses. Strategy and Metaplanet, which accumulate Bitcoin rather than fund operations, would be excluded if they fail four of five ratios. Yellow Cake, which holds physical uranium without operating activities, would face the same fate despite having no connection to crypto markets. This decision could set a precedent for how index providers treat public companies adopting digital assets as a primary treasury strategy.
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