Bitcoin policy research institution BPI questions how MSCI formulated its latest proposal to tighten market index rules. Previously, MSCI had listed companies including Strategy and Metaplanet as potential "non-operating enterprises" and excluded them from the index.

In a research report titled "The Invisible Committee of Wall Street," BPI pointed out that metadata indicates that the source document presentation behind this consultation by MSCI is stored in an internal folder related to a digital asset treasury company. BPI stated that this finding "is worth questioning, as to whether its broader implications continue" MSCI's previous attempts to exclude digital asset treasury companies.

MSCI first proposed to exclude digital asset treasury companies from its global index in 2025, but put the plan on hold in January due to opposition, stating that it would instead review 'non-operating companies' more broadly. On August 3rd, MSCI proposed a broader scope of measures that could still result in the exclusion of Strategy and Metaplanet from its index.

According to this broader proposal, MSCI will first assess whether a company possesses a large amount of operating assets before applying the other five financial tests. Its own simulations show that Strategy, Metaplanet, and the uranium investment company Yellow Cake will all be excluded using the proposed method.

Removing crypto treasury companies such as Strategy or Metaplanet from the MSCI index could force funds that track these benchmarks to sell their shares. Analysts at JPMorgan estimate that if Strategy is removed, there could be a capital outflow of about $2.8 billion in 2025.

Cointelegraph contacted MSCI for a comment on this matter, but as of the time of publication, no response has been received.

BPI questions how MSCI defines an operating company

After shelving its special proposal regarding cryptocurrencies in January, MSCI has maintained temporary restrictions on affected digital asset fund companies during a broader review period, including limiting their inclusion in new indices.

MSCI indicates that this new test is aimed at identifying companies whose value primarily comes from asset accumulation, rather than revenue-generating business activities.

BPI also questioned in the report MSCI's reliance on 'operating assets', pointing out that this term is not a standardized category on the balance sheet under US Generally Accepted Accounting Principles or International Financial Reporting Standards.

According to BPI, this may grant MSCI significant discretion in how to classify assets such as cash, investments, projects under construction, and strategic holdings.

BPI indicates that this issue may not only affect the crypto sector, but also capital-intensive enterprises such as mining companies or satellite network firms, which may hold a large amount of assets over several years and rely on external financing until they begin to generate revenue.

BPI calls on MSCI to publish clearer and reproducible standards in order to determine which companies qualify for inclusion in its broad market indices.

MSCI has accepted feedback until September 30th and indicates that it is expected to announce the results on or before October 16th. Any corresponding changes are intended to take effect as part of its index review in November 2026.