The Bitcoin Policy Institute (BPI) is questioning how MSCI’s decision to remove Strategy and Metaplanet from its indexes was reached, after the index provider returned with a proposal to do so.
A research paper from the BPI titled “Wall Street’s Invisible Committee,” has raised questions about how MSCI developed its latest proposal to tighten index rules. The think tank points to metadata showing that the source presentation behind MSCI’s consultation was stored in an internal folder for digital asset treasury companies.
“warrants asking whether its broader language carried forward” MSCI’s earlier effort to exclude digital asset treasury companies
The Proposal’s History
MSCI initially floated the idea of excluding digital asset treasury companies from its global indexes back in 2025, but it dropped the plan in January following pushback. Then on Aug. 3, MSCI brought back a broader proposal that could lead to the removal of both Strategy and Metaplanet.
The proposal calls for MSCI to first determine if a company holds substantial operating assets, then apply five more financial tests. A simulation by the company itself found that Strategy, Metaplanet and uranium investment company Yellow Cake would be stripped out under the method being suggested.
The Outflow Estimate
The removal of crypto treasury firms such as Strategy or Metaplanet from MSCI indexes could compel funds that track those benchmarks to unload their shares. According to JPMorgan analysts, in 2025, the estimated outflow for Strategy from a potential exclusion would be around $2.8 billion.
Before publication, Cointelegraph attempted to contact MSCI for comment, though no response was forthcoming.
The Operating Assets Question
BPI took issue with MSCI’s dependence on “operating assets,” pointing out that the term does not represent a standardized balance-sheet category under either US Generally Accepted Accounting Principles or International Financial Reporting Standards. That omission, BPI argued, gives MSCI considerable leeway in deciding how to classify items such as cash, investments, construction projects, and strategic holdings.
BPI notes that this could hit capital-intensive industries beyond crypto, pointing to mines or satellite networks that hold large amounts of assets and depend on outside financing for years before producing revenue.
The Transparency Case
The think tank BPI has asked MSCI to make public and easily repeatable standards for deciding which firms get into its broad-market indexes. The group says the problem might go beyond digital assets.
The test’s stated purpose, according to MSCI, is to distinguish companies whose worth derives primarily from building up assets from those whose value stems from operations that actually generate revenue.
The Interim Rules
MSCI put aside its crypto-specific proposal in January and has since kept interim restrictions on affected digital asset treasury companies, including limits on new additions to its indexes. The new proposal follows much the same course.
The Deadline for Feedback
MSCI gathered input until Sept. 30, and it has said it plans to announce its findings on or before Oct. 16. Proposed changes would be introduced as part of its November 2026 Index Review.
The Key Dates
| Date | Event |
|---|---|
| Aug. 3 | MSCI returns with wider proposal |
| Sept. 30 | Feedback closes |
| Oct. 16 | Expected announcement |
| Nov. 2026 | Proposed effective date |
What Comes Next
The BPI does not contend that Strategy or Metaplanet must remain within the indexes. Rather, it contends that MSCI ought to make its reasoning known to the public, subject to standards that anyone can verify. BPI has presented its position, and the window for submitting responses is still open.
The November 2026 review will not decide whether the committee remains hidden or makes itself known.
Source material: “Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule,” Cointelegraph.
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