The Bitcoin Policy Institute has released a report questioning MSCI's proposed index rule changes that could exclude digital asset treasury companies (DATCOs) from benchmarks governing approximately $21 trillion in assets. The institute argues the new "non-operating company" classification lacks a clear framework and could trigger significant capital reallocation for funds tracking MSCI indices. Simulations indicate the revised standards may remove firms such as Strategy and Metaplanet from inclusion. The report highlights internal metadata referencing "DATCOs" within MSCI consultation documents, raising concerns about whether the rules specifically target digital asset firms, though the institute acknowledges this does not prove predetermined outcomes. Citing MSCI’s historical ESG focus and past commentary on crypto exposure, the Bitcoin Policy Institute is calling for greater transparency and repeatability in the index methodology process. MSCI has not yet responded to the findings.