Bitcoin think tank questions MSCI rule on Strategy and Metaplanet

A Bitcoin policy group has raised questions about MSCI’s proposed rule change that could classify companies like Strategy and Metaplanet as nonoperating businesses and remove them from major indexes. The Bitcoin Policy Institute said MSCI’s consultation appears to have grown out of an earlier effort to review digital asset treasury companies. The group pointed to internal metadata in a presentation tied to the proposal and argued that MSCI should be clearer about how the broader rule was developed. MSCI’s wider test would first look at whether a company has meaningful operating assets and then apply additional financial checks. In its own example, MSCI said Strategy, Metaplanet, and Yellow Cake would be excluded under the proposed methodology. The change could matter for funds that track MSCI indexes, since removals may trigger selling by indexfollowing investors. MSCI accepted feedback through Sept. 30 and is expected to publish its decision by Oct. 16, with any changes scheduled for the November 2026 Index Review.