MSCI has backed away from a plan that would have removed so-called digital asset treasury companies from its equity indexes, choosing instead to rethink how it treats firms that hold large amounts of non-operating assets like Bitcoin.
In an update on Tuesday, the index provider said it will stick with its current approach for now. Companies on its preliminary list of Digital Asset Treasury Companies—those where digital assets make up at least half of total assets—will remain eligible for inclusion while MSCI conducts a broader review.
That decision means Strategy will stay in MSCI’s global benchmarks, at least for the time being. The stock jumped around 6% in after-hours trading following the announcement, even after losing nearly half its value in 2025.
Strategy welcomed the news in a post on X, saying MSCI had confirmed digital asset treasury firms would remain in its indexes for the February 2026 review, calling the outcome a win for “neutral indexing and economic reality.”
MSCI looks for clearer rules
Behind the rethink is growing investor concern that some digital asset treasury companies are starting to resemble investment funds—entities that typically don’t qualify for inclusion in equity indexes.
MSCI said drawing a clear line isn’t straightforward.
“Distinguishing between investment companies and other companies that hold non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes requires further research and consultation,” the firm said.
To do that, MSCI indicated it may need new criteria, potentially based on financial statements and other indicators, as it expands its review beyond crypto-focused treasury firms.
Why the pause matters
Index methodology isn’t just academic. When MSCI first floated the idea of excluding digital asset treasury companies in late 2025, analysts warned it could force $10 billion to $15 billion in selling as passive funds tracked to MSCI benchmarks adjusted their holdings.
Strategy was one of the loudest critics. In a December 10 letter, executive chairman Michael Saylor and CEO Phong Le called the proposal “misguided” and warned it could have “profoundly harmful consequences” for capital markets and US leadership in digital assets.
Wall Street also tried to put numbers around the risk. JPMorgan estimated that Strategy alone could face roughly $2.8 billion in passive outflows if MSCI forced index-tracking funds to sell.
MSCI had originally planned to publish the outcome of its consultation by mid-January 2026, with any changes taking effect during the February 2026 index review.
For now, that timeline is on hold. The reversal keeps existing rules in place while MSCI opens a wider conversation about how to classify companies that hold large pools of non-operating assets—not just crypto.
