MSCI Faces Criticism Over 'Invisible Committee' in Index Rule Proposal

A Bitcoin think tank has raised questions about how MSCI developed its latest proposal to tighten the rules governing its market indexes. The benchmark provider identified companies including Strategy and Metaplanet for potential treatment as 'non-operating businesses' and exclusion from its indexes.

MSCI first proposed excluding digital asset treasury companies from its global indexes in 2025, but shelved the plan after pushback and said it would instead review 'non-operating companies' more broadly. On August 3, it returned with a wider proposal that could still remove Strategy and Metaplanet from its indexes.

The think tank, BPI, pointed to metadata showing that the source presentation behind MSCI's consultation was stored in an internal folder for digital asset treasury companies. It said this finding 'warrants asking whether its broader language carried forward' MSCI's earlier effort to exclude digital asset treasury companies.

Under the proposed methodology, Strategy and Metaplanet could be removed if they have substantial operating assets but fail additional financial tests. The think tank questioned how MSCI defines an operating company, noting that the term is not a standardized balance-sheet category under US Generally Accepted Accounting Principles or International Financial Reporting Standards.