Bitcoin think tank questions MSCI’s ‘invisible committee’ over Strategy, Metaplanet rule

MSCI revisited index methodology this year after an earlier plan to exclude digital-asset treasury companies from its global benchmarks was paused in January. The firm said it would broaden the review to cover “non-operating companies,” and on Aug. 3 put forward a more general test that first checks for the presence of substantial operating assets before applying five additional financial criteria. In its own simulation of that methodology, MSCI found that Strategy, Metaplanet and Yellow Cake would be removed from its indexes.

The Bitcoin Policy Institute challenged MSCI’s development process in a research paper titled Wall Street’s Invisible Committee. BPI reported finding metadata indicating the internal presentation that underpinned MSCI’s consultation was stored in a folder labelled for digital-asset treasury companies, and argued this detail “warrants asking whether its broader language carried forward” the earlier crypto-focused effort. BPI also pressed MSCI for greater transparency about how it defines “operating assets.”

BPI pointed out that “operating assets” is not a standardized line item under US GAAP or IFRS, and warned that leaving the classification to MSCI’s discretion could produce inconsistent outcomes. The think tank said the approach could affect more than crypto treasuries: capital-intensive industries such as mining and satellite operators may hold large asset bases and rely on external financing before producing significant revenue, potentially exposing them to exclusion under the proposed tests.

MSCI had maintained interim restrictions on affected crypto treasury firms while the broader review proceeded and accepted feedback on the proposal through Sept. 30. The company said it expects to announce results on or before Oct. 16, and any final changes would be scheduled to take effect as part of its November 2026 Index Review. Industry observers note that removing companies like Strategy from benchmarks could trigger forced sales by index-tracking funds; a 2025 JPMorgan estimate cited in the article suggested Strategy could face about $2.8 billion in outflows if excluded. Cointelegraph contacted MSCI for comment but had not received a response before publication.