Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule
BPI criticized MSCI’s latest index-review proposal, arguing it may still be aimed at excluding digital asset treasury companies like Strategy and Metaplanet. MSCI first proposed removing crypto treasury firms in 2025, withdrew that plan after backlash, then returned in August with a broader rule for “non-operating companies.” BPI cited metadata suggesting the consultation materials came from an internal folder tied to digital asset treasury companies and said the broader wording may preserve the earlier exclusion goal. Under the proposal, MSCI would first check for “substantial operating assets,” then apply five financial tests. MSCI’s own simulation showed Strategy, Metaplanet and Yellow Cake would be removed. BPI said “operating assets” is not a standardized GAAP or IFRS term and could give MSCI wide discretion. It urged clearer, reproducible criteria. MSCI is taking feedback through Sept. 30, with results due by Oct. 16 and any changes slated for the November 2026 Index Review.
