The Bitcoin Policy Institute (BPI) has expressed skepticism regarding MSCI's latest proposal to tighten rules for its market indexes, particularly the classification of companies like Strategy and Metaplanet as "non-operating businesses." This classification could lead to their exclusion from MSCI indexes.
Initially, MSCI planned to exclude digital asset treasury companies from its global indexes in 2025 but postponed the move after receiving backlash. The recent proposal, however, could still impact companies like Strategy and Metaplanet, as it broadens the criteria for what constitutes an operating company.
The BPI's research paper, titled "Wall Street’s Invisible Committee," highlights concerns over MSCI's methodology, suggesting that it may carry forward earlier attempts to exclude digital asset treasury firms. The proposed assessment would first evaluate whether a company has substantial operating assets before applying additional financial tests.
Should MSCI proceed with the changes, it could result in significant outflows for affected firms. For instance, JPMorgan analysts estimate that Strategy could face around $2.8 billion in outflows if excluded from the index.
The BPI has called for MSCI to clarify its criteria for determining which companies qualify for its indexes, emphasizing that the term "operating assets" lacks standardization under existing accounting principles. Feedback on the proposal is accepted until September 30, with results expected by October 16.