MSCI's Crypto Index Exclusion Plan Raises Red Flags for Bill Miller IV

Bill Miller IV, Chairman and CIO of Miller Value Partners, has written to MSCI expressing concerns over its proposal to exclude digital asset treasury companies (DATCOs) from its Global Investable Market Indexes. In a letter submitted on September 29, 2026, Miller argues that the proposed two-step screen could inadvertently shrink the equity opportunity set available to index investors.

The first step in MSCI's screening process checks whether a company's operating assets exceed 50% of its total assets. A simulation using May 2026 data showed that companies like MicroStrategy (MSTR) and Metaplanet were at risk of removal under this threshold.

Miller's main objection is that the rule could catch non-crypto firms, including established companies like Berkshire Hathaway, which holds large amounts of Bitcoin on its balance sheet. He also called for broader discussions about MSCI's evolving role in a shifting market landscape.