On August 14, MSCI sought feedback on a new non-operational company identification method, which could lead to the removal of Strategy and Metaplanet from the MSCI Global Investable Market Index. According to a simulation using May 2026 data, Strategy, Metaplanet, and uranium investment company YellowCake would be excluded from the MSCI ACWI IMI, while companies like SharpLink would be placed on a public watchlist. The new method will employ a two-step screening process. Companies will first undergo a test of their operational asset structure; if they fail, they will be assessed based on five indicators: operational asset ratio, expense intensity, operating cash flow, fair value changes, and capital dependency. If a company fails the core test and triggers at least four exclusion conditions, it may be deemed ineligible for the index. For companies already included in the index, MSCI plans to implement a relatively lenient threshold, stating that a company will only be removed after failing the screening for two consecutive reporting periods. After free float adjustments, Strategy's market capitalization in the May 2026 simulation is $23.9 billion, making it the largest company marked for potential removal. MSCI noted that this proposal will not immediately change the index composition, as it is seeking input from market participants until September 30, with results expected to be announced by October 16. Previously, JPMorgan analysts estimated that if Strategy is removed from the MSCI index, it could trigger an outflow of approximately $2.8 billion in passive funds.