MSCI Faces Backlash Over Proposed Index Changes
A leading global index provider, MSCI, is considering a plan to remove companies classified as non-operating from its Global Investable Markets Indexes. This move would exclude digital asset treasury firms, such as Strategy, which holds Bitcoin, and Metaplanet, also holding Bitcoin.
The proposal aims to ensure MSCI's indices remain focused on businesses with ongoing commercial operations, but Strategy argues that this plan could have substantial consequences for capital flows into affected stocks. According to JPMorgan analysts, exclusion from these indices could drive up to $9 billion in total outflows across all impacted indices.
Strategy has formally requested MSCI to withdraw its proposal, citing U.S. generally accepted accounting principles (GAAP) and Securities and Exchange Commission (SEC) guidance, which treat Bitcoin as an operating segment. The company also notes that other index providers continue to include digital asset treasury businesses in their indices.