The Bitcoin Policy Institute is challenging the process behind MSCI’s proposed rules for identifying “non-operating companies,” warning that the changes could exclude major digital-asset treasury firms such as Strategy and Metaplanet from the benchmark provider’s indexes.
The dispute centers on whether MSCI’s broader review is carrying forward an earlier plan aimed specifically at companies that hold large amounts of cryptocurrency. According to Cointelegraph, metadata linked to a presentation used in MSCI’s consultation placed the material in an internal folder for digital-asset treasury companies.
That discovery does not establish how MSCI reached its proposal, but the BPI says it raises questions about whether the language of the new framework was influenced by the earlier crypto-focused initiative. The institute described the issue in a paper titled “Wall Street’s Invisible Committee.”
How MSCI’s proposal developed
MSCI initially proposed excluding digital-asset treasury companies from its global indexes in 2025. The plan faced opposition and was shelved in January. MSCI retained interim restrictions affecting the companies involved, including limits on adding new firms to its indexes, while it considered a wider approach.
On Aug. 3, MSCI returned with a broader proposal covering “non-operating companies.” Under the proposed process, MSCI would first determine whether a company has substantial operating assets. Companies that pass or fail that initial assessment would then be considered against five additional financial tests.
MSCI has said the purpose of the framework is to identify businesses whose value is derived mainly from accumulating assets rather than from revenue-generating operations. Its own simulation indicated that Strategy, Metaplanet and uranium investment company Yellow Cake would be removed under the proposed methodology.
Strategy, formerly known as MicroStrategy, and Japan’s Metaplanet are among the companies that have built prominent Bitcoin treasury strategies. Their possible exclusion matters because MSCI indexes are used as benchmarks by funds and other investment products. If a company is removed, funds designed to track the relevant indexes may need to sell its shares.
JPMorgan analysts estimated in 2025 that Strategy could face approximately $2.8 billion in outflows if it were excluded. That estimate illustrates the potential market impact of an index decision, although it does not represent a confirmed future flow or a final MSCI ruling.
BPI challenges the definition of an operating business
The BPI’s criticism extends beyond the possible treatment of crypto treasury companies. The institute questioned MSCI’s use of “operating assets,” arguing that the phrase is not a standardized balance-sheet category under either US Generally Accepted Accounting Principles or International Financial Reporting Standards.
In the BPI’s view, the absence of a standard definition could leave MSCI with broad discretion over how it classifies assets. The institute specifically pointed to categories including cash, investments, construction projects and strategic holdings, all of which could be treated differently depending on the criteria applied.
The BPI also argued that the proposed framework could affect businesses outside the digital-asset sector. Capital-intensive companies, including mines and satellite networks, may hold substantial assets and depend on external financing for extended periods before producing revenue. The institute therefore said the issue is not limited to firms whose main treasury holdings are Bitcoin or other digital assets.
The BPI called on MSCI to publish criteria that are clearer and reproducible, so companies and investors can understand how the classification would be made and apply the methodology consistently.
Timeline and current market picture
MSCI accepted feedback on the proposal through Sept. 30. It said it expects to announce the outcome on or before Oct. 16, with any resulting changes proposed to take effect in the November 2026 Index Review. MSCI had not responded to Cointelegraph’s request for comment before publication.
Moneyiar market data at 09:13–09:14 on Oct. 1, 2026, showed Bitcoin at $83,631.05, up 0.49% over 24 hours and 0.18% over seven days. Polygon’s former MATIC token, now listed as POL, traded at $0.112076, down 3.19% over 24 hours but up 11.14% over seven days. DeXe stood at $1.85347, gaining 0.74% in 24 hours while losing 2.95% over the week.
The MSCI consultation remains unresolved. Until the provider announces its decision, the possible removal of Strategy, Metaplanet and other affected companies from relevant indexes remains a proposed outcome rather than a completed change.
