Bitcoin Think Tank Questions MSCI’s ‘Invisible Committee’ on Index Rules

MSCI index rules — The Bitcoin Policy Institute (BPI) has published a paper questioning the development of MSCI’s proposed index rule changes, which could see companies like MicroStrategy and Metaplanet removed from its benchmarks.

In a research paper titled ‘Wall Street’s Invisible Committee,’ the think tank pointed to metadata suggesting the new proposal originated from MSCI’s earlier, shelved plan to exclude digital asset treasury companies specifically. MSCI’s broader proposal, which would classify firms as ‘non-operating businesses’ based on their assets and financial tests, could still result in the exclusion of the prominent Bitcoin-holding firms.

BPI argues that MSCI’s reliance on the non-standard term ‘operating assets’ gives it significant discretion and could unfairly target capital-intensive businesses beyond crypto. The institute called for clearer, reproducible criteria for index inclusion.

MSCI accepted feedback on the proposal through September 30 and expects to announce results by October 16, with any changes taking effect in November 2026.