MSCI has come up with a new rule for “non-operating companies.” The Bitcoin Policy Institute has directly issued a rebuttal, saying this “hidden committee” could potentially knock Strategy and Metaplanet out of the index. What does that mean? Passive funds won’t be able to buy these two companies, so the valuation logic will need to be rewritten. BPI also dug up old records, saying this rule may be tied to an earlier review of crypto-asset reserves. Index construction power is held by a small group of people—one document can decide whether a listed company can be bought by index funds. This is even more centralized than on-chain governance voting. Citigroup, meanwhile, has adjusted its 12-month Bitcoin target price from the previous level to $113,000, and ETF inflows are also returning. But if MSCI really takes action, how long can the share price premium of Strategy and Metaplanet hold up? I’ve been watching this figure for a while, and I’m not optimistic. $BTC $ETH