BPI Raises Concerns Over MSCI's Non-Operating Company Rules

The Bitcoin Policy Institute (BPI) has released a research report challenging the methodology used by MSCI in establishing its latest index rules. MSCI has identified companies such as Strategy and Metaplanet as potential 'non-operating companies,' which may lead to their removal from the index. This follows MSCI's earlier proposal in 2025 to exclude digital asset treasury companies from global indices, a plan that was temporarily shelved in January after facing significant opposition.

On August 3, MSCI introduced a broader proposal that could still result in the exclusion of Strategy and Metaplanet. The BPI report, titled 'The Invisible Committee of Wall Street,' highlights that the metadata from MSCI's consultations is stored in a folder specifically for digital asset treasury companies. According to MSCI's proposal, the assessment process will first determine if a company possesses a significant amount of operational assets, followed by five additional financial tests. Simulations conducted by MSCI suggest that Strategy, Metaplanet, and uranium investment company Yellow Cake could be excluded from the index.

Concerns have also been raised regarding MSCI's definition of 'operational assets,' as it is not recognized as a standardized category under U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The opinion collection period for MSCI concluded on September 30, and results are expected to be announced by October 16, with any changes likely to take effect during the index review scheduled for November 2026.

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Source: KLEA News