The Bitcoin Policy Institute published a paper questioning MSCI’s methodology for its proposed “non-operating company” rule that could exclude Strategy and Metaplanet from its indexes. JPMorgan analysts estimated in 2025 that Strategy could face approximately $2.8 billion in outflows if excluded from MSCI benchmarks. The BPI criticized MSCI’s reliance on “operating assets” as a classification criterion, noting the term is not standardized under US GAAP or IFRS, which could give MSCI significant discretion in asset classification. MSCI accepted feedback through September 30 and expects to announce results on or before October 16, with any changes proposed to take effect in November 2026 Index Review.
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