BPI questions MSCI's non-operating company rules, Strategy and Metaplanet may be removed from the index

The Bitcoin Policy Institute (BPI) released a research report questioning the process by which MSCI established its latest index rules. MSCI had previously listed companies such as Strategy and Metaplanet as potential "non-operating companies," which could lead to their removal from the index.

MSCI first proposed excluding digital asset treasury companies from global indices in 2025, but after facing opposition, it shelved the plan in January and opted for a broader review of "non-operating companies." On August 3, MSCI presented a broader proposal that could still exclude Strategy and Metaplanet. In a report titled "The Invisible Committee of Wall Street," BPI pointed out that the metadata indicates the presentation MSCI consulted was stored in a dedicated internal folder for digital asset treasury companies.

According to the proposal, MSCI will first assess whether a company has a significant amount of operating assets before applying five additional financial tests. Its own simulations show that Strategy, Metaplanet, and uranium investment company Yellow Cake would be excluded. In 2025, JPMorgan analysts estimated that if Strategy were excluded, it could face an outflow of approximately $2.8 billion. BPI also questioned MSCI's reliance on "operating assets," stating that the term is not a standardized balance sheet category under U.S. GAAP or IFRS. MSCI concluded its public consultation on September 30 and is expected to announce the results on or before October 16, with related changes set to take effect during the index review in November 2026.