The Bitcoin Policy Institute (BPI), in a research report, questioned MSCI's proposal to classify "non-operating companies," a move that could lead to the exclusion of Strategy and Metaplanet from its indexes. According to JPMorgan analysts, if excluded in 2025, Strategy could face outflows of around $2.8 billion.

MSCI Expanded Its Methodology on August 3 After Dropping Narrow Criteria

MSCI initially proposed excluding companies with treasury digital assets from global indexes in 2025, but postponed this plan in January and shifted to a broader review of "non-operating companies." On August 3, the provider returned with an expanded proposal: first assessing the presence of significant operating assets, then applying five additional financial tests. In MSCI's own simulation under the new methodology, Strategy, Metaplanet, and uranium investment company Yellow Cake would be excluded.

BPI Points to Consultation Origins and Ambiguity of 'Operating Assets'

BPI's report, "Wall Street’s Invisible Committee," notes that the original MSCI consultation presentation was stored in an internal folder related to companies with treasury digital assets, raising questions about the continuity of the previous approach. BPI also criticizes the focus on "operating assets," since there is no standardized metric for this in US GAAP or IFRS, which, according to the institute, gives MSCI broad leeway in classifying cash, investments, construction projects, and strategic holdings. The institute warns that the issue goes beyond the crypto sector: capital-intensive industries, including mining or satellite networks, often hold large assets and rely on external funding for years before generating revenue.

MSCI Maintains Temporary Restrictions and Sets Consultation Timeline

After dropping the narrow crypto criterion, MSCI kept temporary restrictions for affected companies, including limits on new index inclusions, and stated that the test aims to identify issuers whose value is mainly based on asset accumulation rather than revenue. Comments were accepted until September 30, with results expected to be released by October 16. Potential changes are proposed for the November 2026 index review.