Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
A Bitcoin policy think tank, the Bitcoin Policy Institute (BPI), has questioned MSCI's development process for its latest proposal to tighten rules on market indexes. MSCI identified companies like Strategy and Metaplanet for potential exclusion as "non-operating businesses." After initially shelving a crypto-specific exclusion plan in January, MSCI returned with a broader proposal that could still lead to removing such firms from its indexes.
Why it matters
If MSCI excludes crypto treasury firms such as Strategy or Metaplanet, funds tracking its indexes may be forced to sell these companies' shares. This could result in significant capital outflows—for example, JPMorgan analysts estimated Strategy might face about $2.8 billion in outflows if excluded. The broader implications for market indexes and asset inclusion criteria remain to be seen.
Key context
MSCI first proposed excluding digital asset treasury companies from its global indexes in 2025 but shelved the plan after pushback, opting to review broader "non-operating companies." The new test assesses if a company holds substantial operating assets before applying additional financial tests. The BPI criticized MSCI's reliance on the term "operating assets," noting it lacks standard accounting definitions, which may grant MSCI wide discretion in asset classification.
Key numbers and entities
The think tank involved is the Bitcoin Policy Institute (BPI). Companies specifically named include Strategy, Metaplanet, and uranium investment company Yellow Cake. JPMorgan analysts estimated a potential $2.8 billion outflow from Strategy if excluded. MSCI is the index provider under review, and the public feedback period ends on September 30, with results expected by October 16.
What remains unclear
MSCI has not responded to requests for comment on the latest proposal or BPI’s critique. Details on precisely how MSCI defines "operating assets" and how it plans to apply this classification are not yet disclosed. The broader impact on other types of capital-intensive companies outside crypto also remains uncertain.