MSCI is considering a new methodology that could remove Strategy and Metaplanet from its Global Investable Market Indexes as early as the November 2026 Index Review. 

A simulation using May data identified the two Bitcoin treasury companies and U.K. uranium investor Yellow Cake as the three existing constituents that would be deleted under the proposed rules.

The proposal remains a consultation, not a final index decision. MSCI’s announcement says feedback remains open through Sept. 30, with results expected by Oct. 16. Any methodology change would then be targeted for the November review. MSCI explicitly warns that the consultation “may or may not” result in the proposed changes.

MSCI proposal replaces the earlier crypto specific test

The current review is broader than MSCI’s earlier attempt to exclude digital asset treasury companies based largely on their crypto holdings. In January, the index provider abandoned that proposal for the February review after investors raised questions about whether a simple asset threshold could distinguish an operating company from an investment vehicle.

As previously reported, MSCI delayed its earlier crypto treasury exclusions and opted for a wider review. Strategy had opposed the previous 50% digital asset threshold, calling it “arbitrary” and arguing that companies holding large concentrations of other assets were not subjected to the same rule.

The new methodology addresses that criticism by applying financial tests across industries rather than singling out Bitcoin or other cryptocurrencies. The presence of Yellow Cake alongside Strategy and Metaplanet in MSCI’s simulated deletions illustrates the broader approach.

Advertisement

Strategy and Metaplanet fail MSCI’s simulated screen

MSCI proposes a two stage test. A company first passes automatically if operating assets exceed 50% of total assets. Companies falling below that level move to a second test based on operating asset intensity, expenses, operating cash flow, non-operating fair value changes and reliance on financing for asset accumulation.

An issuer would be treated as a non-operating company if it triggers at least four of those five flags. For existing constituents, MSCI proposes less restrictive thresholds and requires failure in two consecutive annual reviews before deletion. New candidates would need to fail only the latest review to become ineligible for addition.

Using May 2026 data, MSCI’s simulation would remove Strategy, with a free float adjusted market capitalization of $23.93 billion; Yellow Cake, at $1.81 billion; and Metaplanet, at $654 million. SharpLink, Center Laboratories and Lydia Holding would instead enter a public watchlist because the simulation found only one qualifying period of failure.

SharpLink’s inclusion is notable for the crypto treasury sector. The Nasdaq listed company reported 888,938 ETH and ETH equivalents as of Aug. 3 and said equity financing remains one of its main sources of liquidity. Its filing also says it uses most capital raising proceeds to acquire ETH, although MSCI’s May simulation predates that latest quarterly filing.

Advertisement

Index removal could create passive selling pressure

Deletion would matter because funds designed to track affected MSCI benchmarks would have to adjust their portfolios when the index composition changes. However, MSCI has not published an estimate of possible selling tied to the new proposal, so current claims of a specific forced outflow figure should be treated cautiously.

During the earlier crypto treasury debate, JPMorgan estimated that Strategy could face about $2.8 billion in passive selling if MSCI removed it, with a larger figure possible if other index providers followed. That estimate concerned the previous proposal and should not be presented as a forecast for the new methodology.

Strategy’s balance sheet remains heavily centered on Bitcoin. Its latest SEC filing showed 840,447 BTC as of Aug. 9 after it sold 1,690 BTC for $108.6 million and used the proceeds to repurchase STRC preferred stock. The company also raised about $653.1 million through MSTR share sales during the week, most of which went into its U.S. dollar reserve.

Metaplanet, meanwhile, currently reports 43,000 BTC on its corporate tracker. Its exposure to MSCI dates back to February 2025, when, as crypto.news reported, the company joined the MSCI Japan Index.

Advertisement

What happens next for Strategy and Metaplanet

Nothing has been removed under the new rule yet. MSCI published its regular August Index Review on Aug. 12, with those changes due after the Aug. 31 close, while the separate non-operating company proposal remains scheduled for possible action in November.

The next deadline is Sept. 30, when consultation feedback closes. MSCI expects to announce its decision by Oct. 16. If the methodology is adopted, qualifying deletions could be incorporated into the November 2026 review.

The May simulation also should not be treated as a guaranteed November constituent list. Company filings and financial structures can change, and MSCI’s proposal incorporates annual financial data and persistence tests. The current simulation shows which companies would have failed using the stated May dataset, not an irreversible decision on Strategy, Metaplanet or SharpLink.

Advertisement

Figure Technology Solutions is pointing to a strong second quarter in its consumer lending marketplace business, reporting $4.3 billion in consumer loan marketplace volume—up 132% year over year. The company also said profitability improved sharply, with quarterly net income nearly tripling as results continued to scale alongside its marketplace platform.

In a statement released Thursday, Figure said net income rose 192% year over year to $87 million, up from roughly $30 million. Net revenue more than doubled to $226 million, and net income margin increased by 10.5 percentage points to 38.8%.

Key takeaways

• Figure posted $4.3 billion in consumer loan marketplace volume for Q2 2026, up 132% from the prior year.
• Net income grew 192% year over year to $87 million, while net revenue increased to $226 million.
• The company’s marketplace volume includes loans originated via its system plus third-party loans traded on Figure Connect; Figure Connect represented $2.8 billion (65%) of the quarter’s total.
• Marketplace volume rose 262% year over year after the platform launched in June 2024, and Figure added 102 loan-origination partners in the quarter.
• Figure expects third-quarter marketplace volume of between $4.8 billion and $5.2 billion.

Marketplace growth and profitability accelerate

Figure’s quarterly update highlights both top-line expansion and a wider path to profit. The $4.3 billion in consumer loan marketplace volume reflects activity across the company’s lending marketplace, which aggregates loan products and routes them through its origination and trading infrastructure.

According to the company’s figures, the scale of the quarter also translated into improved margins. Net income margin rose to 38.8%, helped by revenue growth that outpaced costs as the marketplace expanded.

The company’s disclosed performance matters for investors because it signals that growth in marketplace volume is not merely adding transactions—it is improving efficiency, at least within the time window covered by the quarter’s financial results.

What’s included in “marketplace volume”

Figure’s reported marketplace volume is not a single product line; it combines multiple loan categories processed through its loan origination system and loans traded through its marketplace infrastructure.

The company said marketplace volume includes:

• Home equity lines of credit
• Debt-service coverage ratio loans
• Personal loans processed through Figure’s loan origination system
• Third-party loans traded on Figure Connect

For the quarter, Figure Connect activity totaled $2.8 billion, making up 65% of the overall marketplace volume. That mix is notable because it indicates that the marketplace is increasingly dependent on—and benefited by—third-party lending flows rather than only Figure’s own origination pipeline.

Figure Connect launched as part of the broader marketplace approach, and the company’s disclosures suggest third-party participation is becoming a consistent driver of volume.

Momentum since June 2024 and partner expansion

Figure launched its consumer loan marketplace in June 2024. Since then, the company’s year-over-year comparison has shown steep growth. For Q2, Figure reported marketplace volume up 262% from the same period last year.

Operationally, Figure also emphasized partner growth. It added 102 loan-origination partners during the quarter, taking its total to 489. Partner expansion is a key lever for marketplace businesses because it can broaden supply and increase match rates between lenders and borrowers, which in turn can support continued volume growth.

In addition, Figure’s management said weekly loan applications surpassed $1 billion in July. While that metric is not directly equivalent to marketplace volume, it offers a signal about pipeline strength leading into the period.

Guidance and what investors should watch next

Looking ahead, Figure expects consumer loan marketplace volume of between $4.8 billion and $5.2 billion in the third quarter. That guidance implies further growth from the $4.3 billion level reported for Q2.

For market participants, the main question is whether the company can sustain the relationship between volume growth and margin expansion. With Q2 results showing a substantial jump in net income and a widening net income margin, investors will likely watch for whether future quarters maintain similar efficiency as volumes scale—particularly given the marketplace mix that relies heavily on third-party loans via Figure Connect.

Analyst commentary highlighted by the company’s announcement also points to the marketplace’s data visibility. Bernstein analysts, in coverage dated May, predicted record second-quarter volume for Figure and tied that expectation to what they described as live blockchain data that could allow investors to monitor lending activity more closely in real time.

Figure’s next reporting cycle will therefore be closely watched for confirmation that application strength continues to convert into marketplace volume, and for evidence that partner growth and Figure Connect participation remain steady enough to support the mid-point of its Q3 range.

As Figure moves through the third quarter, traders and long-term investors alike should watch for whether reported volume continues to rise in line with guidance—especially the contribution from Figure Connect—and whether improved profitability persists as the company scales its marketplace network.

Bitcoin (BTC) edged away from weekly lows on Thursday after the US Producer Price Index (PPI) narrowly cooled in July.

Key points:

• Bitcoin avoids further downside as US PPI data provides a boost to US equities.
• Cleveland Fed president stays hawkish on the outlook for interest-rate policy. 
• Bitcoin long liquidations make $61,000 a key level to watch.

July PPI extends cooler US inflation trend

BTC/USD was up around 0.5% on the day near $63,900 with volatility broadly absent, data from TradingView showed.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The July US Producer Price Index (PPI) print was unchanged month-on-month at 0.2%, while year-on-year increased 4.7% versus an anticipated 4.9%, per data from the Bureau of Labor Statistics (BLS).

“In July, a 0.2-percent increase in the index for final demand services and a 2.2-percent advance in prices for final demand construction offset a 0.7-percent decrease in the index for final demand goods,” the BLS release said.

“Falling gasoline and energy prices provided the biggest relief,” Econoday analysts highlighted.

US PPI one-month % change. Source: BLS

US stocks gained at the Wall Street open as PPI further cooled market bets on interest-rate hikes from Federal Reserve policymakers. The S&P 500 index and tech-heavy Nasdaq Composite index were up 0.87% and 0.94%, respectively, at the time of writing.

CME Group’s FedWatch Tool showed 65.6% odds of those policymaker holding rates at the current 3.50-3.75% level at the Federal Open Market Committee (FOMC) September meeting. Wednesday’s July Consumer Price Index (CPI) numbers matched expectations, already resulting in a boost to the rate-pause outlook.

Fed target-rate probability comparison for September FOMC meeting (screenshot). Source: CME Group

After their biggest split over the interest-rate path since 1970 in July, Fed officials continued to strike a cautious tone over policy. Speaking at an event with the Dayton Area Chamber of Commerce in Kettering, Ohio, Cleveland Federal Reserve Bank president Beth Hammack questioned whether even recent cooler data prints would be enough to bring inflation down to the Fed’s 2% target.

“Maybe we’d get there, but if it takes another three to four years to get there, is that OK? Is that enough?” she said, quoted by Bloomberg.

Hammock was one of three officials to vote in favor of a 0.25% rate hike in July.

Related: Bitcoin speculators keep BTC price ‘pinned’ below $68.7K: Glassnode

Bitcoin faces long position liquidations at $61,000

With BTC price action still acting within a tight range, market participants’ attention focused on the extremes.

Rafael Schultze-Kraft, cofounder of onchain analytics platform Glassnode, suggested that $61,000 could become a flashpoint thanks to the large potential long position liquidations that would occur if price were to reach it.

“Long liquidation risk has built up around $61K in the past weeks. If we get there, I’d expect forced selling to add momentum to the downside,” he wrote in a Tuesday X post.

Previously, Cointelegraph reported on $63,000 now forming another key BTC price level as repeated retests increased the odds of support failure.

Bitcoin futures liquidation heatmap. Source: Rafael Schultze-Kraft on X.com

Cryptocurrency wallet company Trezor reported a breach of personal data affecting about 14,000 users through its shipping provider, ShipMonk. 

Trezor’s Wednesday blog post said users who received its products from the US, UK, Sweden, Colombia, Brazil, Italy, and Portugal between May 10 and Aug. 8 were at risk from potential phishing attacks using their personal information. The company reported that 11,742 customers could have had their name, physical address, phone number, and email address compromised, while 1,947 users potentially had their name, city, and email address breached.

“To be clear, our systems were not compromised, and your Trezor device is secure, but the affected customers might be targeted by more sophisticated phishing attempts,” said the company. “Scammers can use the leaked information to send fake emails, make fake phone calls, send fraudulent letters, or potentially impersonate banks, crypto exchanges, or even Trezor.”

The breach was the latest incident involving scammers potentially targeting crypto holders using personal data. Trezor reported in January 2024 that about 66,000 users were at risk of phishing attacks if they had contacted the company’s support team since December 2021. 

Crypto wallet users have revealed that scammers use a variety of techniques in attempts to gain access to their funds, including through physical letters in the mail. Other methods include text messaging, emails and phone calls claiming to be family members in need of help or impersonating authorities asking for repayment of a fake debt.

Related: Do the Coldcard attacks mean all hardware wallets are now insecure?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Decentralized finance (DeFi) protocol Neutrl has suspended minting and redemptions for its NUSD synthetic dollar after unspecified circumstances affected protocol reserves, leaving the cause and scale of any potential impairment unclear. 

On Thursday, Neutrl said it had also paused other protocol functions on legal advice while it assesses the impact. The protocol did not identify the affected asset or counterparty, say whether reserves suffered a realized loss or provide a timeline for resuming operations. 

Structured-yield protocol Strata later said it paused minting, redemptions and related functions for contracts in its Neutrl market, which supports several NUSD-linked products. Strata said its other markets remained operational. 

With about $53.6 million in NUSD in circulation, the suspension prevents approved counterparties from exchanging the token for its backing assets while Neutrl determines whether its reserves have been impaired. Neutrl said it would provide timing and next steps when available. 

Cointelegraph contacted Neutrl for comment but had not received a response by publication. 

NUSD supply falls 18% over 30 days

According to RWA.xyz, NUSD had a market capitalization of about $53.6 million on Friday, down 18.4% over 30 days, while monthly transfer volume fell 72.4% to $71.4 million. However, the data does not establish that the earlier contraction was related to the reserve issue.

The synthetic dollar is designed to track the US dollar using yield-bearing crypto assets and market-neutral strategies rather than deposits held in a bank. RWA.xyz showed NUSD trading at about $0.9984, with 615 holders and 347 active addresses over the preceding 30 days. 

On May 25, verification platform Accountable said its Neutrl dashboard provided continuous cryptographic proof that NUSD reserves matched the protocol’s liabilities. 

Related: ‘DeFi doesn’t exist anymore,’ just onchain finance: Andre Cronje

A February assessment by risk-advisory team BA Labs nevertheless classified a proposed Neutrl integration as higher risk because of counterparty, operational and liquidity exposure. It said direct redemptions were limited to KYC or KYB-approved counterparties and that requests exceeding the liquid buffer could enter a queue targeted for completion within 48 hours, without a guarantee. 

BA Labs estimated NUSD supply at $226 million and reserves at $233.7 million at the time, implying a 103.6% collateralization ratio. It said more than 87% of reserves were held through Fireblocks, while smaller amounts sat on centralized exchanges.

Magazine: Inside the fake crypto startup that fooled North Korean IT workers

Controversy

The Commodity Futures Trading Commission is reviewing prediction market “mention markets” over concerns that contracts tied to specific spoken words may be unusually easy to manipulate, NPR reported late Aug. 13, citing two people with direct knowledge of the inquiry. 

Kalshi has responded by removing sports mention markets “until further notice,” according to the report. The inquiry has not been publicly confirmed by the CFTC. Both the regulator and Kalshi declined to comment to NPR, and the CFTC had not published an enforcement action or announcement describing the review as of publication.

NEW: The CFTC has launched a probe into prediction market “mention markets” as a category, where people bet millions on whether President Trump, sportscasters, executives on earning calls say a word or not.

Focus of probe is whether this kind of betting is susceptible to…

Advertisement

— Bobby Allyn (@BobbyAllyn) August 14, 2026

Kalshi removes sports mentions while other word bets remain

Mention markets let traders buy contracts based on whether a person says a particular word or phrase. Sports versions have included wagers on whether broadcasters utter terms such as “MVP,” “ankle” or “redshirt.” NPR reported that Kalshi removed all such sports contracts as the regulator examines the category.

The suspension does not cover every mention market. Kalshi’s current page still shows active contracts tied to President Donald Trump, political appearances and corporate earnings calls. One Klarna earnings market, for example, has contracts tied to whether executives mention specific companies or business topics.

Polymarket also offers mention markets on its offshore platform, NPR reported, but its smaller CFTC-regulated U.S. exchange does not currently list them.

CFTC rules put manipulation at the center of the review

The regulatory question goes directly to one of the Commodity Exchange Act’s core requirements. Designated contract markets may list only contracts that are not “readily susceptible to manipulation.” They must also maintain surveillance and enforcement systems capable of preventing manipulation and distorted settlement outcomes, according to the CFTC’s current proposal.

That framework helps explain the concern around word bets. The CFTC has said in its broader prediction-market rulemaking that sports contracts based on aggregate performance can present lower manipulation risk when no single participant can determine the outcome through one action. A mention contract can work differently because one broadcaster, executive or politician may effectively determine settlement simply by saying a particular word. This comparison is an inference from the regulator’s published manipulation framework.

As previously reported, the CFTC has also warned prediction markets against broad template self-certifications, telling exchanges that each product needs enough detail for regulators to assess settlement methods, data sources and compliance controls.

Trump teleprompter case exposed the insider risk

The latest review follows a case involving Gabriel Perez, Trump’s longtime teleprompter operator. Kalshi identified suspicious trades tied to words in presidential appearances and referred the activity to the CFTC. Sources told Reuters that more than $90,000 in potential profits were frozen before they could be withdrawn.

As previously reported, Kalshi flagged the Trump teleprompter trades and referred them to federal regulators. Perez allegedly had advance access to prepared remarks for more than a dozen presidential appearances. The White House later removed him from his role.

The case was not the CFTC’s first encounter with event-contract manipulation. Former Rep. George Santos recently agreed to penalties over manipulative Kalshi trades tied to whether he would attend Trump’s State of the Union address.

What happens next for Kalshi mention markets

The immediate question is whether the CFTC seeks changes only to sports mention markets or concludes that some word-based contracts cannot satisfy its anti-manipulation standards regardless of subject matter. An anonymous person familiar with the inquiry told NPR the products are “potentially very easy to manipulate,” but that remains the source’s assessment rather than a formal Commission finding.

Kalshi could also modify contract structures, eligibility requirements or surveillance controls instead of abandoning the category. The company has already introduced employer disclosures for higher-risk markets and said it blocked more than 100 potential insider trades during the first quarter.

For now, sports mention markets remain suspended with no announced return date, while other mention contracts continue trading. A formal CFTC statement, additional Kalshi restrictions or changes to future self-certifications would provide the next clear indication of how broad the review becomes.

Bitcoin (BTC), by any measure, still remains stuck in a tight trading range, but there has been some movement of note on Thursday.

Sadly for bulls, the coiled spring theory isn’t yet working. Instead, BTC is headed lower, sliding below $63,000 at one point earlier this afternoon. It’s currently trading at $63,100 down about 0.5% over the past 24 hours. Other crypto majors are seeing similar declines.

The small losses are happening even as the interest rate picture in the U.S. is improving. Decent inflation reports yesterday and today appear to have taken the idea of a September Federal Reserve rate hike off the table.

The two-year Treasury yield, which was above 4.30% just days ago, has slid back to 4.14%, reflecting the sharply lower odds of tighter monetary policy.

Other risk assets — particularly U.S. stocks — continue to be where the action is. Higher by another 0.55% on Thursday, the S&P 500 notched another record high.