Bitwise Asset Management has publicly criticized MSCI’s proposed changes to its Global Investable Market Index (GIMI), arguing that the adjustments could negatively impact the representation of digital asset–related companies within global financial benchmarks. MSCI’s proposed revisions, which aim to refine classification criteria and adjust market eligibility rules, have raised concerns among crypto-focused investment firms that view such updates as potentially restrictive for blockchain and Web3 companies.
According to Bitwise, the proposed changes could reduce exposure to innovative sectors that are becoming increasingly relevant to global markets. The firm argues that by narrowing the criteria for inclusion, MSCI risks excluding fast-growing companies involved in digital infrastructure, tokenization, blockchain services, and other emerging technologies. Bitwise also warns that these modifications may lead to underrepresentation of high-growth industries in institutional portfolios that rely heavily on MSCI indices for asset allocation decisions.
Bitwise emphasized the importance of maintaining a modern and inclusive approach to index construction, especially as digital assets and blockchain technology continue to influence global finance. The company believes that MSCI’s revisions could inadvertently slow adoption by reducing visibility and investment in critical sectors powering the next wave of technological transformation. It also expressed concern that the new criteria may not fully reflect the evolving nature of companies operating at the intersection of technology and finance.
The disagreement highlights a broader debate within the investment community regarding how traditional index providers should classify and evaluate crypto-linked businesses. As demand for exposure to digital asset infrastructure grows, asset managers and index providers must navigate the challenge of defining an industry that is still rapidly evolving.
With MSCI currently in a consultation phase, industry feedback will play a key role in shaping the final framework. Bitwise’s critique underscores the growing influence of digital asset firms in global financial discussions and the need for index methodologies that accurately capture innovation-driven sectors.
