Strategy and Metaplanet, two companies known for stacking Bitcoin on their balance sheets, are now at risk of being dropped from MSCI indexes. The news comes as the role of crypto assets in public companies—and how they impact investment indexes—is being hotly debated.

Why MSCI Might Boot Them

Both Strategy and Metaplanet have gone big on Bitcoin, and that’s showing up in their financials and asset mix. While this play grabs the attention of market watchers, it’s also raising red flags with index providers like MSCI. The possible exclusion is tied to MSCI reviewing its criteria for including companies that hold substantial crypto reserves.

What This Means for the Market and Investors

Getting the boot from MSCI indexes could make Strategy and Metaplanet less appealing to institutional investors. MSCI indexes are a go-to for funds and asset managers building portfolios, so any changes in index membership can hit a company’s stock liquidity and market cap.

How the Companies Are Responding

So far, neither Strategy nor Metaplanet has put out an official statement about the potential exclusion. The situation is still on everyone’s radar, especially for those watching how index providers are handling companies with significant crypto exposure.