Bitcoin Policy Institute Challenges MSCI Rule That Could Drop Strategy and Metaplanet

MSCI first floated removing digital asset treasury companies from its global indexes in 2025. It shelved that idea in January after pushback and promised a broader review, keeping interim limits on new additions. On Aug. 3, it returned with a wider plan. A company would first be checked for substantial operating assets, then face five more financial tests. MSCI’s own simulation removes Strategy, Metaplanet and uranium firm Yellow Cake.

Metadata Raises Questions

The Bitcoin Policy Institute’s paper, “Wall Street’s Invisible Committee,” says file metadata shows the consultation’s source presentation sat in an internal folder for digital asset treasury companies. It asks whether the earlier effort carried forward.

Funds tracking MSCI benchmarks could be forced to sell. In 2025, JPMorgan analysts estimated Strategy could see about $2.8 billion in outflows.

Operating Assets Definition Problem

The institute says “operating assets” is not a standard category under US GAAP or IFRS. That gives MSCI wide discretion over cash, investments, construction projects and strategic holdings. It adds that mines or satellite networks could also be affected, and it wants clear, reproducible criteria.

Feedback closed Sept. 30. Results are due by Oct. 16, with changes possible in the November 2026 Index Review. MSCI has not responded to a request for comment.