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A Bitcoin Policy Institute paper says MSCI\u2019s proposed \u201cnon-operating company\u201d rule could remove Strategy and Metaplanet from its indexes and may have roots in an earlier crypto treasury review.<\/p>\n
A Bitcoin policy think tank has questioned how MSCI developed its latest proposal to tighten the rules governing its market indexes, after the benchmark provider identified companies including Strategy and Metaplanet for potential treatment as \u201cnon-operating businesses\u201d and exclusion from its indexes.\u00a0<\/p>\n
MSCI first proposed excluding digital asset treasury companies<\/a> from its global indexes in 2025, but shelved the plan in January<\/a> after pushback and said it would instead review \u201cnon-operating companies\u201d more broadly. On Aug. 3, it returned<\/a> with a wider proposal that could still remove Strategy and Metaplanet from its indexes.<\/p>\n In a research paper titled Wall Street\u2019s Invisible Committee<\/em>, BPI pointed<\/a> to metadata showing that the source presentation behind MSCI\u2019s consultation was stored in an internal folder for digital asset treasury companies. BPI said the finding \u201cwarrants asking whether its broader language carried forward\u201d MSCI\u2019s earlier effort to exclude digital asset treasury companies.\u00a0<\/p>\n