Analyzing the latest initiatives of the index giant MSCI, I come to the conclusion that the proposed changes to the methodology for selecting issuers raise serious questions in terms of objectivity. This concerns new criteria that could radically affect the composition of global index baskets. In essence, the regulator proposes tightening the rules for companies whose business is significantly diversified beyond their core profile.
The essence of the initiative boils down to the following: if less than half of a company's assets are not directly related to its stated core business, such an organization may be subject to additional scrutiny. In the worst case, this means exclusion from indices. At first glance, the logic is clear: MSCI strives for the purity of benchmarks so that investors get exactly the exposure they expect. However, in practice, this approach hits companies that deliberately diversify their reserves.
My test modeling of the new rules showed that the primary targets are Strategy (formerly MicroStrategy) and Japan's Metaplanet, which actively use bitcoin as a treasury asset. SharpLink, in turn, has been placed on a watchlist. This is not a coincidence but a systemic signal: MSCI is effectively discriminating against issuers that consider digital assets part of their financial strategy. Strategy itself has already called this position "discriminatory and arbitrary," and I tend to agree, given that the 50% asset criterion looks artificial and does not account for the specifics of modern corporate governance.
The discussion process is open until September 30, and MSCI plans to announce its final decision by October 16. This gives the market time for a consolidated response. In my view, if the new rules are adopted without significant amendments, we will see a precedent where index funds begin artificially excluding companies with a high share of bitcoin on their balance sheets. This would not only distort the real market picture but also create a false signal for institutional investors, who are increasingly looking toward digital assets.
My expert conclusion: The MSCI initiative looks like an attempt to curb the growing influence of bitcoin treasuries, but it contradicts the spirit of market neutrality. Investors should closely monitor developments until mid-October, as the outcome of this struggle will determine how freely companies can use cryptocurrencies in the future without the risk of being removed from global indices.