Strategy (Nasdaq: MSTR), the world's leading Bitcoin (BTC) treasury company led by billionaire Michael Saylor, faces another MSCI (formerly Morgan Stanley Capital International) delisting threat as the index provider opened a new consultation on the eligibility of non-operating companies for its Global Investable Market Indexes. As per the consultation's simulation using May 2026 data, Strategy (formerly MicroStrategy), Metaplanet (TYO: 3350), and Yellow Cake (LSE: YCA) could get deleted from the MSCI ACWI IMI. SharpLink (Nasdaq: SBET), Center Laboratories (TWSE: 4123), and Lydia Holding (IS: LYDHO) would be placed on a watchlist.
Related: Strategy stock slides after $108M sale While Strategy and Metaplanet are both Bitcoin treasury companies, SharpLink is an Ethereum (ETH) treasury company. Strategy holds 840,447 BTC, Metaplanet holds 43,000 BTC, and SharpLink holds 888,521 ETH on their balance sheets. Yellow Cake is a uranium investment company, Center Laboratories is a pharmaceutical company, and Lydia Holding is a sustainable business-focused investment company.
MSCI said its latest framework aims to identify companies that buy and hold non-operating assets, generate little cash from business operations, and rely on external capital to grow. The latest methodology assesses companies based on whether their asset structure contains sufficient operating assets before being evaluated against five financial ratios if they fail the initial test: Operating assets below 20% of total assets Operating expenses below 5% of total assets Non-operating fair value changes above 5% of total assets If a company fails the initial test and triggers at least four of the five flags, it would become ineligible for the index, MSCI said. MSCI said it's gathering feedback from market participants through Sept. 30 and expects to announce results by Oct. 16.
Strategy, with a free-float-adjusted market cap of $23.9 billion in the May 2026 simulation, is the largest company that could be removed. In an X post on Aug. 14, the company pushed back on MSCI's latest proposal, "Index providers should measure markets, not decide which assets companies are allowed to own... Bitcoin doesn't need MSCI.
Neither does Strategy." Peter Thiel-backed company stock surges despite $280 million loss Arizona scam victims get massive sum in refunds Trump and Saylor said never sell your Bitcoin, but scorecard says otherwise This isn't the first time that Strategy is facing the MSCI delisting threat. In October 2025, MSCI was considering excluding digital asset treasuries (DATs) with more than 50% of their balance sheet allocated to digital assets, such as Strategy, from its indices as part of the February 2026 Index Review. In a letter sent in December, Strategy argued the proposal is "discriminatory, arbitrary, and unworkable." MSTR next said in January that it won't exclude DATs from its indices, saying it requires further research and consultation to distinguish between investment companies and companies holding non-operating assets like cryptocurrencies as part of their core operations rather than for investment purposes.
However, it decided to retain the 50% threshold regarding digital asset allocation. The MSTR stock was trading at $92.67 at press time, down 4.5% in a day. Related: MicroStrategy surges after MSCI stalls delisting This story was originally published by TheStreet on Aug 14, 2026, where it first appeared in the MARKETS section.
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