Bitcoin think tank questions MSCI’s invisible committee on index rules
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Written by
Simonas Brazionis - Updated 2026-10-02 06:36:05
A Bitcoin policy think tank has raised concerns regarding the methodology used by MSCI for its proposed tightening of market index rules, questioning MSCI’s invisible committee's identification of companies like MicroStrategy and Metaplanet as potential “non-operating businesses” subject to exclusion from its indexes.
MSCI initially proposed excluding digital asset treasury companies from its global indexes in 2025. This plan was withdrawn in January due to industry pushback. On August 3, MSCI reintroduced a wider proposal that could still lead to the removal of MicroStrategy and Metaplanet from its indexes.
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MSCI's Proposal and Industry Response
In a research paper titled “Wall Street’s Invisible Committee,” the Bitcoin Policy Institute (BPI) highlighted metadata indicating that the source presentation for MSCI’s consultation was stored in an internal folder designated for digital asset treasury companies. The BPI suggested this finding warrants an inquiry into whether the broader language of the new proposal carries forward MSCI’s earlier efforts to specifically exclude digital asset treasury companies.
Methodology Concerns and Potential Impact
Under the revised proposal, MSCI would first evaluate whether a company possesses substantial operating assets before applying five additional financial tests. MSCI's own simulations indicated that MicroStrategy, Metaplanet, and uranium investment company Yellow Cake would be removed under this proposed methodology. The exclusion of crypto treasury firms could compel funds tracking these benchmarks to divest their shares.
JPMorgan analysts in 2025 estimated that MicroStrategy could experience approximately $2.8 billion in outflows if excluded. The BPI also questioned MSCI’s reliance on “operating assets,” noting that this term is not a standardized balance-sheet category under US GAAP or IFRS. This lack of standardization could grant MSCI considerable discretion in classifying various assets.
Broader Implications and Future Outlook
After withdrawing its crypto-specific proposal in January, MSCI maintained interim restrictions on affected digital asset treasury companies, including limitations on new index additions. MSCI has stated that the new test aims to identify companies whose value is primarily derived from asset accumulation rather than revenue-generating operations.
The BPI argued that this issue might extend beyond the crypto sector, citing capital-intensive businesses like mines or satellite networks. These businesses may hold substantial assets and rely on external financing for years before generating revenue. The institute called on MSCI to publish clearer and more reproducible criteria for determining which companies qualify for its broad-market indexes.
MSCI accepted feedback until September 30 and anticipates announcing the results on or before October 16. Any resulting changes are slated to take effect as part of its November 2026 Index Review.
