Bitcoin Group Challenges MSCI's Secretive Strategy Committee

Bitcoin Policy Institute Questions MSCI’s Index Rule Changes, Suggests Crypto Roots

A new paper from the Bitcoin Policy Institute (BPI) has raised questions about the origins of MSCI’s proposed “non-operating company” rule, suggesting it may be a continuation of an earlier effort to exclude cryptocurrency treasury companies from its indexes. The think tank’s research indicates that the consultation document for the broader rule change was found within a folder related to digital asset treasury companies, prompting BPI to question if the wider language is a carryover from a previous, shelved plan.

MSCI initially proposed excluding companies holding digital assets in their treasuries from its global indexes in 2025. However, the benchmark provider withdrew this plan in January following industry pushback, stating it would instead conduct a broader review of “non-operating companies.” On August 3, MSCI reintroduced a revised proposal that could still lead to the exclusion of companies like Strategy and Metaplanet from its indexes.

The BPI’s research paper, titled “Wall Street’s Invisible Committee,” highlights metadata suggesting the consultation’s source presentation was stored in an internal folder designated for digital asset treasury companies. This finding, according to BPI, “warrants asking whether its broader language carried forward” MSCI’s earlier objective to exclude such firms.

Under the current proposal, MSCI would first evaluate a company’s substantial operating assets before applying five additional financial tests. MSCI’s own simulations indicate that Strategy, Metaplanet, and the uranium investment company Yellow Cake would be removed from its indexes if this methodology is adopted.

The exclusion of crypto treasury firms like Strategy or Metaplanet from MSCI indexes could compel funds that track these benchmarks to divest their holdings. JPMorgan analysts estimated in 2025 that Strategy could face approximately $2.8 billion in outflows if it were removed from the indexes.

Cointelegraph reached out to MSCI for comment but had not received a response by the time of publication.

Following the shelving of its crypto-specific proposal in January, MSCI maintained interim restrictions on affected digital asset treasury companies, including limitations on new additions to its indexes, while it developed the broader review. MSCI has stated that the new test is designed to identify companies whose value is primarily derived from asset accumulation rather than revenue-generating operations.

The BPI paper also challenged MSCI’s reliance on the term “operating assets,” noting that it is not a standardized balance-sheet category under U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). This lack of standardization, the BPI argues, could grant MSCI significant discretion in classifying assets such as cash, investments, construction projects, and strategic holdings.

The issue, according to BPI, could extend beyond the cryptocurrency sector. The think tank pointed out that capital-intensive businesses, such as mining operations or satellite networks, may hold substantial assets and rely on external financing for extended periods before generating revenue.

BPI has called on MSCI to publish clearer and reproducible criteria for determining which companies qualify for its broad-market indexes.

MSCI accepted feedback on the proposal until September 30 and expects to announce the results on or before October 16. Any resulting changes are slated to take effect as part of its November 2026 Index Review.