The Morgan Stanley Capital International has postponed plans to exclude crypto treasury firms like Strategy from its indexes.
Summary
- MSCI will keep crypto-heavy treasury firms in its indexes for now.
- The index provider plans a wider review of non-operating companies.
- The decision removes near-term risk of forced index outflows.
MSCI has delayed plans to remove crypto-heavy treasury firms from its global equity indexes, keeping existing classifications unchanged while it reassesses how non-operating companies should be treated.
The decision was reported by Bloomberg on Jan. 7.
MSCI keeps crypto treasury firms in indexes — for now
In its update, MSCI said companies holding large digital asset positions will remain eligible for inclusion as long as they meet standard index requirements. That applies even when crypto holdings make up more than half of a firm’s total assets, a category that includes Strategy, the largest corporate holder of Bitcoin (BTC).
The move pauses a proposal floated late last year that would have reclassified many of these firms as investment vehicles rather than operating businesses. If adopted, the change could have forced their removal during the February 2026 index review.
MSCI said investor feedback showed discomfort with a strict asset-based threshold. Some market participants argued that balance sheet composition alone does not capture how these companies operate or generate value.
According to the index provider, more work is needed to separate true investment entities from companies that hold non-operating assets as part of a broader strategy.
Markets responded quickly. Strategy shares climbed about 5% in after-hours trading following the announcement, easing concerns about forced selling from passive funds.
Broader review shows unresolved risks ahead
While the immediate threat has faded, MSCI made it clear that the issue remains under review. The firm plans to open a wider consultation on how non-operating companies should be classified across all sectors, not just crypto-focused firms.
In its statement, MSCI said digital asset treasury companies may sit within a larger group of businesses whose activities lean more toward asset exposure than traditional operations. Future criteria could rely more heavily on financial reporting indicators instead of simple ownership thresholds.
That uncertainty matters. Analysts at JPMorgan previously warned that exclusion from major indexes could trigger billions of dollars in outflows, with Strategy alone facing potential selling pressure in the billions.
Strategy’s executive chairman Michael Saylor has criticized the proposed framework as uneven. In a public letter last month, he argued that companies with large exposures to commodities such as oil or gold are not subject to similar treatment, despite facing comparable volatility.
