MSCI Grilled Over 'Invisible Committee' Behind Index Rules Tightening

A Bitcoin policy think tank has questioned MSCI's decision-making process behind its latest proposal to tighten rules governing market indexes. The think tank, BPI, pointed out that metadata shows an internal folder for digital asset treasury companies was used as the source presentation for MSCI's consultation. This finding led BPI to wonder whether MSCI's broader language carried forward its earlier effort to exclude digital asset treasury companies.

Under the proposed methodology, MSCI would first assess whether a company has substantial operating assets before applying five additional financial tests. A simulation showed that Strategy, Metaplanet, and uranium investment company Yellow Cake would be removed under the new rules.

BPI questioned how MSCI defines an operating company, citing concerns about the reliance on 'operating assets,' which is not a standardized balance-sheet category under US Generally Accepted Accounting Principles or International Financial Reporting Standards. This could give MSCI significant discretion in classifying assets such as cash, investments, construction projects, and strategic holdings.

MSCI accepted feedback through September 30 and plans to announce the results on or before October 16. Any resulting changes are proposed to take effect as part of its November 2026 Index Review.