BPI Challenges MSCI’s Operating-Assets Test for Index Eligibility

The Bitcoin Policy Institute has challenged MSCI’s proposed operating-assets test, arguing that its broad scope could give the index provider wide discretion over which companies qualify for global benchmarks.

The institute’s report cited metadata in MSCI consultation materials that placed an original presentation in an internal folder labeled “digital asset treasury companies.” It argued the label raises questions about whether the broader proposal carries forward an earlier effort to exclude crypto treasury firms.

Under the proposal, MSCI would first assess whether a company has substantial operating assets and then apply five financial tests. A simulation identified Strategy, Japan-listed Metaplanet and uranium investment company Yellow Cake as potential deletions from the MSCI Global Investable Market Indexes.

The institute argued that “operating assets” is not a standard balance-sheet category under U.S. generally accepted accounting principles or International Financial Reporting Standards. It said the term leaves room for judgment in classifying cash, investments, projects under construction and strategic holdings, and called on MSCI to publish consistent standards.

Index funds tracking affected benchmarks could sell shares if a company is removed. Removing Strategy could trigger about $2.8 billion in selling by passive funds. The institute’s criticism also raises questions about how the definition could apply to capital-intensive companies outside the crypto sector.

The consultation period closed Sept. 30. MSCI expects to announce its decision by Oct. 16, with any adopted changes proposed for the November 2026 index review. The potential deletions remain simulation results, not final index decisions.