Bitcoin Policy Institute Questions MSCI Proposal Affecting Crypto Treasury Companies

The Bitcoin Policy Institute has raised concerns about a proposed MSCI rule that could exclude companies such as Strategy and Metaplanet from the index provider’s benchmarks.

Proposed “Non-Operating Company” Classification

In a research paper, the institute said MSCI’s proposed “non-operating company” designation could apply to businesses whose primary activities involve holding digital assets. If adopted, the rule could result in Strategy and Metaplanet being removed from certain MSCI indexes.

Index changes can affect how companies are evaluated by institutional investors and may influence investment products that track the relevant benchmarks. The proposal has therefore drawn attention from the cryptocurrency industry, particularly among companies that maintain Bitcoin-focused treasury strategies.

Questions Over Earlier Crypto Treasury Review

The Bitcoin Policy Institute also questioned whether the proposed rule may be connected to an earlier MSCI review of cryptocurrency treasury companies. The paper criticized what it described as an “invisible committee” involved in the decision-making process and called for greater transparency around the policy’s development.

MSCI’s proposal remains subject to its review process. The potential impact on Strategy, Metaplanet and other companies will depend on the final criteria and how the index provider applies them.