The issue isn't about stock price swings—it's about whether these companies still count as "companies" at all. MSCI's new proposal sets up a "non-operating company" screening mechanism, and Strategy and Metaplanet happen to sit right at that threshold.
In recent years, Strategy (formerly MicroStrategy) and Metaplanet have become best known as publicly listed companies holding massive amounts of bitcoin, with their stock prices closely tracking bitcoin's moves. That's exactly why they're now on MSCI's radar—once the new screening standards take effect, both companies could be dropped from MSCI's global indices.
MSCI has yet to release details on the screening criteria or a final timeline, with the proposal still in draft stage for now.
