Bitcoin Policy Institute questions MSCI index rule that could drop Strategy, Metaplanet
In brief
- BPI's paper cites metadata linking MSCI's new proposal to a digital asset treasury folder.
- MSCI's own simulation showed Strategy, Metaplanet and Yellow Cake would be removed.
- JPMorgan analysts estimated in 2025 that exclusion could mean about $2.8 billion in Strategy outflows.
- MSCI expects results on or before Oct. 16, with changes due in November 2026.
From crypto treasuries to "non-operating companies"
MSCI first proposed excluding digital asset treasury companies from its global indexes in 2025. It shelved that plan in January after pushback and said it'd review "non-operating companies" more broadly instead. It didn't drop everything, though (interim restrictions on affected treasury firms stayed in place, including limits on new index additions).
On Aug. 3, MSCI came back with the wider proposal. Under it, MSCI would first assess whether a company had substantial operating assets, then apply five additional financial tests. MSCI's own simulation showed Strategy, Metaplanet and uranium investment company Yellow Cake would be removed under the methodology, as reported by Cointelegraph.
That's where BPI's paper comes in.
BPI said metadata showed the source presentation behind MSCI's consultation was stored in an internal folder for digital asset treasury companies. The think tank frames this as a question, not a conclusion.
BPI said the finding “warrants asking whether its broader language carried forward” MSCI’s earlier effort to exclude digital asset treasury companies.
MSCI has said the test is meant to identify companies whose value comes mainly from accumulating assets rather than from revenue-generating operations. Cointelegraph contacted MSCI for comment but hadn't received a response before publication.
A term with no accounting standard
BPI's bigger complaint is about definitions. The think tank noted that "operating assets" isn't a standardized balance-sheet category under US GAAP or International Financial Reporting Standards, which, according to BPI, could give MSCI significant discretion in classifying cash, investments, construction projects and strategic holdings. It argued the issue could reach well beyond crypto, to capital-intensive businesses like mines or satellite networks that hold large assets and rely on outside financing for years before they generate revenue.
BPI called on MSCI to publish clearer and reproducible criteria for deciding which companies qualify for its broad-market indexes.
What's at stake for Strategy
Removal matters because funds tracking those benchmarks could be forced to sell the shares, Cointelegraph reported. In 2025, JPMorgan analysts estimated Strategy could face about $2.8 billion in outflows if it were excluded.
MSCI accepted feedback through Sept. 30. It said it expects to announce the results on or before Oct. 16, and any resulting changes are proposed to take effect as part of its November 2026 Index Review.
Frequently asked questions
What is MSCI's proposed non-operating company rule?
MSCI would first check whether a company has substantial operating assets, then apply five more financial tests. MSCI has said the test is meant to identify companies whose value comes mainly from accumulating assets rather than from revenue-generating operations.
Why does the Bitcoin Policy Institute object to the rule?
BPI pointed to metadata showing that the presentation behind MSCI's consultation was stored in a digital asset treasury folder. It also said "operating assets" isn't a standardized category under US GAAP or IFRS, which could give MSCI significant discretion in how it classifies assets.
When will MSCI decide on the proposal?
MSCI accepted feedback through Sept. 30 and said it expects to announce results on or before Oct. 16. Any resulting changes are proposed to take effect as part of its November 2026 Index Review.
