Index provider MSCI is weighing proposed eligibility changes that could remove major Bitcoin treasury companies from its Global Investable Market Indexes starting in November 2026, potentially forcing passive funds to sell billions of dollars in holdings. The consultation period runs through September 30, with MSCI expected to announce its decision around October 16.

Which Bitcoin Companies Could Be Removed From MSCI Indexes?

According to May 2026 backtests using MSCI's proposed methodology, two prominent Bitcoin treasury companies would face deletion from all Global Investable Market Indexes: MicroStrategy (MSTR), with a free-float adjusted market capitalization of $23.93 billion, and Metaplanet, valued at $654 million. The simulation also flagged uranium investor Yellow Cake for removal. Additionally, three other companies, SharpLink, Center Laboratories, and Lydia Holding, would be placed on a public watchlist after failing the eligibility screen in their latest review.

Both MicroStrategy and Metaplanet have built their business models around accumulating and holding Bitcoin. MicroStrategy, a business intelligence software company, has become one of the world's largest corporate Bitcoin holders, while Metaplanet, a Japanese investment company, has similarly pursued an aggressive Bitcoin treasury strategy.

How Would MSCI's New Eligibility Rules Work?

MSCI's proposed framework introduces a two-stage screening process designed to distinguish between operating companies and investment vehicles. Here's how the evaluation would function:

• Operating Asset Threshold: Companies holding operating assets greater than 50% of total assets would automatically pass the initial screen and remain eligible for inclusion.
• Secondary Assessment Criteria: Companies below the 50% threshold would face a deeper review examining the intensity of their operating assets, expenses, operating cash flow, non-operating fair value changes, and reliance on financing to grow assets.
• Non-Operating Classification: Any company triggering four or more of those five criteria would be classified as non-operating and face potential removal from indexes.
• Transition Period for Members: Member companies that fail the screen would only be excluded after failing it in two consecutive annual reviews, providing a grace period before removal takes effect.

This approach is notably broader than MSCI's previous proposal from February 2026, which would have applied a simple 50% digital asset threshold specifically to treasury businesses of cryptocurrency companies. That earlier proposal was scrapped after investor concerns that such a straightforward test could not reliably distinguish between operating companies and pure investment vehicles.

What Could Trigger Forced Selling Pressure in the Bitcoin Market?

If MSCI implements these changes in November, the consequences could ripple through Bitcoin markets. Passive investment funds that track MSCI indexes would be forced to sell their holdings of any removed companies to maintain alignment with their benchmarks. This forced selling could create significant downward pressure on Bitcoin prices, since both MicroStrategy and Metaplanet hold substantial Bitcoin reserves.

JPMorgan previously estimated that removing MicroStrategy alone from MSCI indexes under the earlier methodology would trigger approximately $2.8 billion in passive selling pressure. While MSCI has not provided a comparable estimate for the current consultation, the scale of potential forced selling remains substantial given MicroStrategy's $23.93 billion market capitalization.

The actual impact will depend on several factors: whether MSCI formally adopts the proposed changes, any updated company filings between now and November, and how the persistence tests embedded in the framework are applied.

When Will MSCI Make Its Final Decision?

The timeline for this decision is now clear. MSCI is accepting feedback from market participants until September 30, 2026. The index provider is expected to announce the outcome of its consultation on or around October 16, 2026. If the proposal is adopted, implementation would occur at the November 2026 Index Review.

However, MSCI has cautioned that the consultation process does not guarantee that any or all of its proposed changes will be enacted. The final decision will reflect feedback from the market and MSCI's own assessment of whether the new framework appropriately identifies non-operating companies.

Why Does This Matter for Bitcoin Investors and the Broader Market?

This proposal highlights a growing tension between Bitcoin's role as a corporate treasury asset and traditional index methodology. As more companies adopt Bitcoin holdings as part of their balance sheets, index providers face questions about how to classify and treat these holdings. The MSCI consultation reflects broader uncertainty about whether Bitcoin treasury companies should be treated as operating businesses or investment vehicles.

For Bitcoin investors, the outcome matters because forced selling from passive funds could create temporary price pressure regardless of Bitcoin's underlying fundamentals. For MicroStrategy and Metaplanet shareholders, index removal could reduce the liquidity and demand for their shares, since many passive funds would need to exit their positions. The decision also sets a precedent for how other index providers might treat Bitcoin treasury companies in the future.