TLDR The Bitcoin Policy Institute has questioned how MSCI developed its proposed “non-operating company” rule. MSCI’s own simulation shows Strategy, Metaplanet and Yellow Cake would be remove
A Bitcoin policy think tank is questioning how index provider MSCI built a new proposal that could remove Strategy and Metaplanet from its market indexes.
The Bitcoin Policy Institute, or BPI, raised its concerns in a research paper titled “Wall Street’s Invisible Committee.” The paper looks at the origins of MSCI’s plan to label some firms as “non-operating companies.”
MSCI first proposed excluding digital asset treasury companies from its global indexes in 2025. It shelved that plan in January after pushback and said it would review non-operating companies more broadly instead.
On Aug. 3, MSCI returned with a wider proposal. Under the plan, MSCI would first check whether a company has substantial operating assets. It would then apply five more financial tests.
MSCI’s own simulation showed that Strategy, Metaplanet and uranium investment company Yellow Cake would be removed under the proposed method.
MSCI has said the test aims to identify companies whose value comes mainly from building up assets rather than from operations that generate revenue.
After shelving its crypto-specific plan in January, MSCI kept interim restrictions on affected digital asset treasury companies. These include limits on new additions to its indexes.
Removal from MSCI indexes could force funds that track those benchmarks to sell shares. In 2025, JPMorgan analysts estimated Strategy could face about $2.8 billion in outflows if it were excluded.
BPI pointed to metadata showing that the source presentation behind MSCI’s consultation was stored in an internal folder for digital asset treasury companies.
The think tank said this finding “warrants asking whether its broader language carried forward” MSCI’s earlier effort to exclude those companies.
BPI also questioned MSCI’s use of the term “operating assets.” It noted the term is not a standard balance sheet category under US Generally Accepted Accounting Principles or International Financial Reporting Standards.
According to BPI, this could give MSCI wide discretion in how it classifies assets. These include cash, investments, construction projects and strategic holdings.
BPI said the issue could reach beyond crypto. It pointed to capital-heavy businesses such as mines or satellite networks, which may hold large assets and rely on outside financing for years before earning revenue.
The think tank called on MSCI to publish clearer criteria that others can reproduce for deciding which companies qualify for its broad-market indexes.
Strategy continues to add to its holdings. The company recently bought 1,665 Bitcoin for $143 million, bringing its total to 847,666 Bitcoin.
Cointelegraph contacted MSCI for comment but had not received a response before publication.
MSCI accepted feedback on the proposal through Sept. 30. It expects to announce the results on or before Oct. 16, with any changes set to take effect in its November 2026 Index Review.
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