Brief
BPI questions MSCI's proposed rule to exclude crypto treasury firms
The think tank says MSCI's new methodology lacks clear definitions and could force billions of outflows from affected firms.
By Felo News Desk · Published
A Bitcoin policy institute (BPI) has raised concerns about MSCI's latest proposal to tighten the rules governing its market indexes, which could see crypto treasury firms such as Strategy and Metaplanet removed.
What happened
MSCI first floated a plan in 2025 to exclude digital‑asset treasury companies, then paused it in January after industry pushback. On Aug. 3, MSCI re‑issued a broader proposal that would assess whether a company has substantial operating assets before applying five additional financial tests. BPI’s research paper, “Wall Street’s Invisible Committee,” says the proposal would drop Strategy, Metaplanet and uranium miner Yellow Cake from MSCI’s global indexes.
What the reports add
Cointelegraph notes that MSCI’s own simulations indicated the three firms would be removed under the new methodology. The institute also points out that MSCI’s definition of “operating assets” is not a standardized category under US GAAP or IFRS, giving MSCI discretion over assets such as cash, investments and construction projects. BPI argues this could affect not only crypto firms but also capital‑intensive businesses like mines or satellite networks.
What was said
“The finding warrants asking whether its broader language carried forward MSCI’s earlier effort to exclude digital asset treasury companies,” BPI said to Cointelegraph.
Cointelegraph also reported that MSCI has not responded to requests for comment before publication.
How it came about
MSCI initially proposed the crypto‑specific exclusion in 2025, shelved it in January, and kept interim restrictions on new additions for affected firms while developing the broader review. The institute said it will accept feedback until Sept. 30 and aims to announce results on or before Oct. 16.
Key facts
- MSCI re‑issued a broader index rule on Aug. 3 that could remove Strategy, Metaplanet and Yellow Cake. (cointelegraph.com)
- BPI’s paper argues MSCI’s definition of "operating assets" lacks a standard accounting basis. (cointelegraph.com)
- MSCI will accept feedback until Sept. 30 and plans to announce results by Oct. 16. (cointelegraph.com)
Sources
- [1] cointelegraph.com — originally reported as “BPI Questions MSCI Rule Affecting Strategy, Metaplanet”
