MSCI Proposal Threatens Strategy and Metaplanet Index Inclusion

Index provider MSCI has proposed a new rule that could remove some digital asset treasury companies from its market indexes. The Bitcoin Policy Institute (BPI) is questioning how MSCI developed this proposal, pointing out inconsistencies and potential biases.

MSCI's simulation shows that Strategy and Metaplanet would be removed under the new plan, along with uranium investment company Yellow Cake. This could force funds to sell shares in these companies, leading to significant outflows. JPMorgan analysts estimated in 2025 that Strategy could face $2.8 billion in outflows if it were excluded.

The BPI argues that MSCI's definition of an 'operating company' is unclear and gives the index provider too much discretion in classifying assets. This could have far-reaching implications beyond the crypto space, affecting capital-heavy businesses such as mines or satellite networks.