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Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule
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- DeepHorus
Bitcoin Policy Institute Challenges MSCI’s Index Proposal
MSCI’s August 3 index proposal has prompted the Bitcoin Policy Institute to question how it was developed. The benchmark provider identified Strategy and Metaplanet as companies that could be deemed “non-operating” and excluded. BPI believes the wider initiative may revive an earlier crypto-specific effort.
MSCI first proposed excluding digital asset treasury companies in 2025, then shelved the plan in January after pushback. It shifted to a broader review of “non-operating companies” while retaining interim restrictions on new index additions for affected treasury firms.
Under the proposal, MSCI would assess substantial operating assets before applying five financial tests. Its simulation projected that Strategy, Metaplanet and uranium investor Yellow Cake would be removed. MSCI says the framework targets firms whose value comes mainly from accumulated assets rather than operating revenue.
Removal could force funds tracking MSCI benchmarks to sell shares. JPMorgan analysts estimated in 2025 that Strategy could face about $2.8 billion in outflows if excluded, highlighting the proposal’s effect on equity holdings.
In a paper titled “Wall Street’s Invisible Committee,” BPI cited metadata showing that a source presentation was stored in an internal folder for digital asset treasury companies. BPI said this warrants scrutiny over whether broader language carried forward the earlier effort. MSCI had not responded before publication.
BPI also said “operating assets” is not standardized under U.S. GAAP or IFRS, potentially giving MSCI discretion over cash, investments, construction projects and strategic holdings. It warned that capital-intensive mines and satellite networks could face similar treatment. The institute asked MSCI to publish clearer, reproducible eligibility criteria.
MSCI accepted feedback through Sept. 30 and expects to announce results by Oct. 16. Any resulting changes are proposed for the November 2026 Index Review. The decision could reshape benchmark eligibility beyond cryptocurrency-linked businesses.
