Think Tank Questions MSCI Over Rules Threatening Crypto Indexes

A prominent Bitcoin policy think tank has raised questions regarding how index provider MSCI developed its latest regulatory proposals. The Bitcoin Policy Institute (BPI) published a research paper examining a rule change that could lead to the exclusion of digital asset treasury companies from major global benchmarks.

The policy debate centers on MSCI's proposed "non-operating company" framework. Under the draft methodology, the benchmark provider would first evaluate whether an enterprise maintains substantial operating assets before applying five additional financial tests.

Tracing the Origins

In its paper, titled Wall Street’s Invisible Committee, the BPI pointed to metadata indicating that the source presentation for MSCI's consultation originated inside an internal folder designated for digital asset treasury companies. The think tank argued that this finding warrants scrutiny over whether the broader language simply carries forward an earlier, stalled effort to target crypto firms.

MSCI initially proposed excluding digital asset treasuries from its global indexes in 2025. Following industry pushback, the provider shelved that specific plan in January and announced a broader review targeting non-operating businesses. However, a subsequent proposal released on August 3 maintained criteria that could still impact firms heavily invested in digital assets.

Simulations conducted under the proposed methodology indicate that corporate bitcoin holders Strategy and Metaplanet, alongside uranium investment firm Yellow Cake, would face removal. While shelving its crypto-specific framework in January, MSCI implemented interim restrictions that limit new index additions for affected digital asset treasury firms.

Accounting Ambiguities

The BPI paper also criticized MSCI's reliance on the concept of "operating assets," noting that the term lacks a standardized definition under United States Generally Accepted Accounting Principles or International Financial Reporting Standards. According to the think tank, this ambiguity grants MSCI significant discretion in classifying balance sheet items such as cash, investments, construction projects, and strategic holdings.

Furthermore, the institute warned that the implications extend beyond cryptocurrency markets. Capital-intensive businesses, including mining operations and satellite networks, frequently hold substantial assets and rely on external financing for years before recording steady revenue.

Why it matters

Exclusion from major market indexes carries tangible financial consequences for publicly traded corporations. When firms like Strategy or Metaplanet are dropped from standard benchmarks, institutional investment funds that passively track those indexes are typically forced to liquidate their holdings.

In 2025, financial analysts at JPMorgan estimated that Strategy alone could experience approximately $2.8 billion in outflows if removed from MSCI benchmarks. The BPI has urged MSCI to publish clearer, reproducible criteria for determining index eligibility to ensure transparency for market participants.

What to watch

MSCI concluded its feedback period for the proposed rule changes on September 30. The benchmark provider stated that it plans to announce the results of the consultation on or before October 16.

Any methodological changes resulting from the review are currently proposed to take effect during the November 2026 Index Review. Market observers will monitor the final guidelines to see how strictly MSCI defines operating assets and whether crypto-aligned corporations retain their index status.