Bitcoin
Bitcoin Policy Institute questions MSCI index rules affecting corporate crypto holders
A think tank report scrutinises MSCI proposals that could reclassify Strategy and Metaplanet as non-operating firms and trigger billions in index fund outflows.
The Bitcoin Policy Institute has raised concerns regarding the development of MSCI's proposed index eligibility standards, which could lead to the removal of corporate digital asset holders such as Strategy and Metaplanet. MSCI's updated framework evaluates whether firms maintain substantial operating assets alongside five supplemental financial metrics, with index simulations indicating that Strategy, Metaplanet, and uranium fund Yellow Cake would fail the criteria.
According to a research paper published by the institute, metadata from MSCI's consultation materials indicated that the broader proposal originated from an internal digital asset treasury review. An initial 2025 effort specifically targeting crypto treasury firms was paused in January following industry feedback, leading MSCI to introduce interim restrictions while reforming its approach to non-operating businesses.
The potential reclassification could carry significant market implications, as benchmark-tracking funds would be forced to divest their equity positions upon index exclusion. The report cites a 2025 JPMorgan analysis estimating that Strategy alone could experience approximately $2.8 billion in capital outflows if removed from MSCI indexes.
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