Bitcoin Policy Institute challenges MSCI over potential exclusion of MicroStrategy and Metaplanet

The Bitcoin Policy Institute (BPI) has released a report questioning the process behind MSCI’s proposed index rule changes. MSCI is considering a broad “non-operating company” classification that could lead to the removal of firms like MicroStrategy (MSTR) and Metaplanet from its global indexes. BPI’s report, titled “Wall Street’s Invisible Committee,” claims metadata shows the consultation was based on presentations stored in an internal folder specifically targeting digital asset treasury companies. If implemented, JPMorgan analysts estimate MicroStrategy could face approximately $2.8 billion in outflows. MSCI concluded its feedback period on September 30 and is expected to announce results by October 16, with changes potentially taking effect in November 2026.