Bill Miller IV critiques MSCI’s proposal to exclude Bitcoin treasury firms

If MSCI applies the screen, firms that hold Treasury-style crypto exposures could see their index status changed, which is most immediate for companies such as Strategy, Metaplanet and Yellow Cake named in the simulation. Investors who follow those indexes would notice the list of eligible members changing in the background of ordinary index tracking. This follows from the proposed methodology and simulation details, not from any completed removal today.

Before this proposal, the relevant companies could still sit inside the index universe while fitting the broader methodology under discussion. The change in practice is that the draft screen would classify some firms as non-operating companies and, in the simulation, drop them from MSCI ACWI IMI membership. What stays the same is that the rule is still only proposed, so the index composition has not actually changed yet.

BitcoinBTC it is the asset of the company or protocol in the event

The move was larger before the first headline than after. That is an observation, not an explanation: the market also moves on things nobody publishes.