NEW FINDINGS: We took a close look at MSCI’s effort to exclude Bitcoin treasury companies from major stock indexes. We found an internal project trail buried in a public document, years of ESG advocacy, and proposed rules that could reach far beyond Bitcoin. Our new paper, “Wall Street’s Invisible Committee,” documents what we uncovered and provides recommendations for policymakers. MSCI reports an astonishing $21 trillion benchmarked to its indexes. When its committees change which companies qualify, funds tracking those indexes must adjust their holdings. A methodology decision can trigger billions in reallocation. Here’s what we found. 𝟭. 𝗧𝗵𝗲 𝗻𝗲𝘄 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹 𝘀𝘁𝗶𝗹𝗹 𝗰𝗮𝗿𝗿𝗶𝗲𝘀 𝘁𝗵𝗲 𝗼𝗿𝗶𝗴𝗶𝗻𝗮𝗹 𝗽𝗿𝗼𝗷𝗲𝗰𝘁’𝘀 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗻𝗮𝗺𝗲. In 2025, MSCI proposed excluding Digital Asset Treasury Companies (DATCOs) holding at least half their assets in digital assets. After substantial opposition, it shelved the proposal. It later returned this year with a broader, facially neutral test for “non-operating companies.” MSCI’s own simulation would exclude Strategy and Metaplanet. We examined the public consultation PDF and found something revealing in its embedded metadata. The source presentation’s internal file path includes— “Projects/DATCOs/Operating vs Non Operating” A proposal presented as a general classification rule retains a source-file path explicitly associated with the category targeted by the earlier exclusion effort. While metadata alone cannot prove the outcome was predetermined, it raises a direct question for MSCI. Were these criteria developed to classify companies consistently, or engineered to reach the same exclusions against digital asset companies through a broader rule? 𝟮. 𝗠𝗦𝗖𝗜 𝘄𝗮𝘀 𝘀𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗮𝗹𝗮𝗿𝗺 𝗮𝗯𝗼𝘂𝘁 “𝗰𝗿𝗲𝗲𝗽𝗶𝗻𝗴 𝗰𝗿𝘆𝗽𝘁𝗼” 𝘆𝗲𝗮𝗿𝘀 𝗲𝗮𝗿𝗹𝗶𝗲𝗿. We traced its public record back to an October 2021 article titled “Creeping Crypto.” MSCI publicly warned about cryptocurrency exposure entering equity portfolios, described most cryptocurrencies as “speculative investments with little evident utility,” and flagged Bitcoin’s Proof of Work as environmentally dangerous. They identified 26 exposed public companies and promoted tools for screening additional exposure. Singled out at the very bottom of their ESG rankings... was Strategy. While the article did not call for exclusions, it does establish that an internal belief at MSCI that Bitcoin and digital asset companies were an ESG concern four years before proposing to remove digital asset treasury companies. 𝟯. 𝗧𝗵𝗲 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝗮𝗴𝗲𝗻𝗱𝗮 𝗿𝗲𝗮𝗰𝗵𝗲𝗱 𝘁𝗵𝗲 𝗽𝗲𝗼𝗽𝗹𝗲 𝗿𝘂𝗻𝗻𝗶𝗻𝗴 𝘁𝗵𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀. CEO Henry Fernandez has repeatedly, publicly proclaimed the urgent importance of ESG investing. In 2021, he recounted urging bankers to “refuse to take a company public or do a bond offering” without a net-zero pledge. MSCI’s leadership also combined responsibility for ESG and index governance. Its then-head of indexes described an ambition for its flagship global index to become “green, one company at a time.” These statements do not prove the motive behind today’s proposal. They make the boundary between MSCI’s advocacy and its broad-market index decisions a serious governance question. 𝟰. 𝗧𝗵𝗲 𝗱𝗶𝘀𝗰𝗿𝗲𝘁𝗶𝗼𝗻 𝗰𝗼𝘂𝗹𝗱 𝗮𝗳𝗳𝗲𝗰𝘁 𝗔𝗺𝗲𝗿𝗶𝗰𝗮’𝘀 𝗻𝗲𝘅𝘁 𝗴𝗲𝗻𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆. The proposed test relies on “operating assets” without a sufficiently clear, reproducible classification framework. How should it treat a satellite awaiting launch? A mine under construction? Capital raised to build a factory? Our analysis shows how plausible interpretations could disadvantage emerging, strategic industries before they have the chance to compete. Americans buying broad-market funds deserve transparent rules, reproducible decisions, and meaningful accountability from the committees deciding what they own. Read the full findings and our recommendations below ↓ btcpolicy.org/articles/wall-…

A private company publishing financial statements is unconventional, but you have a right to know that your Bitcoin exchange is sound. Here are the highlights. You can see all of the details at river.com/financials

Every Bitcoin exchange should have Public Financials and Proof of Reserves. We’re publishing @River’s 2025 financials to further our mission of building the world’s most trusted financial institution. We will continue to publish our financials annually.

Strategy has submitted its response to MSCI’s consultation on digital asset treasury companies. Index standards should be neutral, consistent, and reflective of global market evolution. Read our letter and share your support: strategy.com/msci

Strategy has submitted its response to MSCI’s consultation on digital asset treasury companies. Index standards should be neutral, consistent, and reflective of global market evolution. Read our letter and share your support: strategy.com/msci

And another one @river Hawaii is more of a relationship-based culture than most of the mainland US, which is why it’s been easy to educate people about bitcoin in-person Most people here don’t seek or trust the online personalities but will hear out people they know irl 1-by-1

If the Fed lowers rates Bitcoin & @Strategy should go higher The spread between their preferred instruments STRC STRD STRF and STRC vs every other fixed income and money market fund will be even greater I don’t see any reason why capital wouldn’t rush into Strategy

Welcome to the new official X account for Strive $ASST.

River clients have earned a total of 40.64 BTC in interest on their cash balances. This includes interest on cash reserved for Target Price Orders and hourly/daily recurring buys! 💸

It’s not the money but it’s the curiosity of what I’ll be earning this month that is the best part of this interest payment back to me. Thanks ⁦@River⁩!!

FULL EPISODE: 🎙 EPISODE 4: The Bitcoin Lifestyle Podcast is LIVE! This time with Georges Karam (@Gs_Karam), Chairman & CEO of @Sequans a global semiconductor company that recently added #Bitcoin to its treasury.

I calculated my rewards earnings from referrals on @River. A little over $200 so far in 2025 I’ve spent a ~$200 taking co-workers & friends out to coffee and lunch to educate them on Bitcoin So I’m break-even $-wise but I’ve made deeper relationships sharing drinks & meals

Wow….so many people I spoke to months and years ago are beginning to allocate to Bitcoin through @river now. Even though it’s at all time highs in usd terms I trust that they really listened and understand to hodl or spend but not sell.

And….another person who will begin their journey to no longer being debased by fiat. Thank you @River for being a verifiably trusted company to onboard people into the Bitcoin.

Stacking sats through @River referrals rewards program. Thanks for helping me and my friends/family/colleagues stack sats.

The seeds planted months/years ago are starting to bear fruit now. Hopefully I’ve been educating my network of friends, family, and colleagues to stack and spend bitcoin instead of selling on any USD price dip. @River, thanks for being a platform that I can send people too.

Thank you @river!!! You guys are an amazing company and building something really special. Many people will become Bitcoiners just from the conversations this bank note will start and I’ll help most will start their journey with @River.

spend your bitcoin at @Square terminals. merchant can choose to hold the bitcoin, or auto-convert it to fiat in real-time. try it at bitcoin 2025 today. rolls out to more sellers this year.

Amazing, 2 notifications in 1 day. I guess the people I’ve been educating about bitcoin are starting to buy now that it’s at new ath. Thanks @River!

My wife’s cousin texted me yesterday with this message. Building our extended families future one family at a time. Grateful to have a company like @river to send them to as they begin their bitcoin journey.