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

According to Cointelegraph, 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 put forward a broader proposal that could still result in the exclusion of Strategy and Metaplanet. In a report titled "The Invisible Committee of Wall Street," BPI pointed out that metadata shows the presentation MSCI consulted is stored in an internal folder specifically for digital asset treasury companies.

According to the proposal, MSCI will first assess whether a company has a significant amount of operational assets before applying five additional financial tests. Its own simulations indicate 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 "operational assets," stating that the term is not a standardized balance sheet category under U.S. GAAP or IFRS. MSCI concluded its opinion collection on September 30 and is expected to announce results on or before October 16, with related changes set to take effect during the index review in November 2026.