A proposed index rule from MSCI could have major effects on several publicly listed companies even though the index provider does not directly manage investor assets. According to a new paper from the Bitcoin Policy Institute, MSCI’s planned test for “operating assets” could lead to the removal of Strategy, Metaplanet and uranium holder Yellow Cake from major indexes.
The paper argues that such a change could set off large portfolio adjustments by passive funds that track MSCI benchmarks. An earlier estimate from JPMorgan put the potential selling pressure on Strategy alone at $2.8 billion from MSCI-linked funds if the company were excluded.
A rule change with market consequences
The issue centers on a proposed screen tied to “operating assets,” which MSCI is considering for index eligibility. While an index committee does not itself buy or sell securities on behalf of investors, changes to index membership can still trigger significant trading because many passive products are designed to follow those benchmarks closely.
If the proposal is adopted, funds linked to MSCI indexes may have to rebalance their holdings to reflect any deletions. The Bitcoin Policy Institute paper says that could translate into billions of dollars in stock trades across affected names.
Companies identified in the paper
In its discussion of MSCI’s simulated deletions, the paper names Strategy, Metaplanet and Yellow Cake as companies that could be removed under the proposed test. The grouping highlights that the issue is not limited to bitcoin-related firms, but may also affect businesses or holding structures with substantial assets that are treated as outside core operations.
The paper says the potential impact falls particularly on companies with large non-operating asset positions or capital-intensive projects, because the proposed screen would shape whether they remain eligible for major indexes.
Debate over the meaning of “operating assets”
A central criticism in the Bitcoin Policy Institute paper is that “operating assets” is not a term defined under U.S. GAAP or IFRS. The paper presents that lack of an established accounting definition as a key concern, arguing that the proposed test may rely on a concept that is not clearly standardized in the main reporting frameworks used by listed companies.
That uncertainty matters because index inclusion decisions can have immediate practical consequences for share demand. If the metric is adopted without a clearer framework, the paper suggests it could create uncertainty around how companies are evaluated for index purposes.
Estimated scale and next step
The most concrete figure cited in the discussion comes from an earlier JPMorgan estimate, which said removal from MSCI indexes could result in $2.8 billion of selling in Strategy shares from MSCI-linked funds alone. The source article does not provide comparable estimates for Metaplanet or Yellow Cake, but presents Strategy as the clearest example of the possible scale.
According to the Bitcoin Policy Institute paper, MSCI expects to reach a decision by Oct. 16. That date is the next confirmed point to watch, as it could determine whether the proposed operating-assets test remains a consultation topic or becomes a rule that prompts forced index rebalancing.
Source: news.bitcoin.com