BPI Questions MSCI’s Non-Operating Company Rules; Strategy and Metaplanet May Be Excluded

Huoxing Finance reports that the Bitcoin Policy Institute (BPI) has released a research report questioning MSCI’s process for developing its latest index rules. MSCI previously classified companies such as Strategy and Metaplanet as potential “non-operating entities,” which could lead to their removal from the index. In 2025, MSCI first proposed excluding digital asset treasury companies from global indices, but suspended the plan in January following opposition, opting instead for a broader review of “non-operating companies.” On August 3, MSCI put forward a broader proposal that could still result in the removal of Strategy and Metaplanet. In its report titled “Wall Street’s Invisible Committee,” BPI noted that metadata shows the presentations underlying MSCI’s consultations were stored in an internal folder specifically designated for digital asset treasury companies. Under the proposal, MSCI would first assess whether a company holds substantial operating assets before applying five additional financial tests. Its own simulations indicate that Strategy, Metaplanet, and uranium investment company Yellow Cake would be excluded. In 2025, JPMorgan analysts estimated that if Strategy were removed, it could face approximately $2.8 billion in outflows. BPI also questioned MSCI’s reliance on the term “operating assets,” noting that it is not a standardized balance sheet category under U.S. GAAP or IFRS. MSCI concluded its comment period on September 30 and is expected to announce its decision on or before October 16, with proposed changes slated to take effect at the November 2026 index review.