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- The Bitcoin Policy Institute challenged MSCI’s proposed non-operating company rules that could remove Bitcoin treasury firms Strategy and Metaplanet from its indexes.
- An MSCI simulation using May 2026 data showed Strategy, Metaplanet, and Yellow Cake would be removed under the methodology.
- MSCI plans to announce its decision by October 16, with any approved changes scheduled for the November 2026 index review.
The Bitcoin Policy Institute has challenged MSCI’s proposed rules for identifying “non-operating companies,” which could remove Bitcoin treasury firms Strategy and Metaplanet from its global equity indexes.
The think tank published its report on Sept. 30, the final day of MSCI’s consultation on the methodology. MSCI plans to announce its decision by Oct. 16, with any approved changes scheduled for the November 2026 index review.
MSCI Simulation Removes Strategy, Metaplanet and Yellow Cake
MSCI’s proposal would first screen companies to determine whether they hold substantial operating assets. Companies that fail would then face five financial tests, with exclusion triggered when they fail four of the five.
A simulation using May 2026 data found that Strategy, Metaplanet and UK uranium investment company Yellow Cake would be removed from the MSCI ACWI Investable Market Index under the methodology.
Existing constituents would generally need to fail the screen for two consecutive review periods before being removed.
BPI Links Proposal to MSCI’s Earlier Crypto Treasury Review
BPI said metadata embedded in MSCI’s consultation presentation showed the source file stored under an internal path referring to digital asset treasury companies and operating versus non-operating businesses.
The group argues that the metadata links the current review to MSCI’s earlier work on crypto treasury companies, while acknowledging that the file path alone does not prove the methodology was designed to reach a predetermined result.
MSCI initially proposed excluding companies with digital assets equal to at least 50% of total assets in 2025. In January 2026, it decided not to implement that proposal and instead moved to a broader review of non-operating companies across industries.
MSCI Decision Due by October 16
BPI also criticized MSCI’s use of “operating assets,” arguing that the term does not have a standardized definition under GAAP or IFRS and could leave room for judgment when companies are classified.
MSCI says its indexes are intended to measure operating companies while excluding entities whose main activities resemble investment funds. The consultation applies beyond crypto treasury firms and includes safeguards designed to limit unnecessary index turnover.
The consultation closed Sept. 30. MSCI plans to announce the outcome by Oct. 16, with any approved methodology changes scheduled for the November 2026 index review.
