Bill Miller IV, CIO of Miller Value Partners, submitted a formal critique of MSCI’s proposal to classify non-operating companies within its Global Investable Market Indexes. The letter, sent on September 29, 2026, argues that the proposed criteria could inadvertently exclude established firms like Berkshire Hathaway and various biotech startups alongside companies holding digital assets.
MSCI’s current proposal utilizes a two-step screening process, which includes a threshold requiring operating assets to exceed 50% of a company's total assets. Simulations conducted by MSCI using May 2026 data identified firms such as MicroStrategy and Metaplanet as being at risk of removal from index inclusion due to their Bitcoin treasury holdings.
The index provider previously attempted to address digital asset treasury companies in December 2025 with a plan targeting firms holding over 50% of assets in crypto, but that proposal was abandoned in January 2026. The current consultation period concluded on September 30, 2026, with a final decision expected by mid-October 2026.
If the proposed screening criteria are adopted, implementation is scheduled for November 2026. Exclusion from MSCI benchmarks would force funds tracking these indices to divest, potentially creating downward pressure on the share prices of affected companies and limiting their access to capital from passive investors.
