MSCI Will Not Exclude Bitcoin Treasury Companies Like Michael Saylor's Strategy From Global Indexes

MSCI has decided not to exclude companies with significant digital asset holdings from its global indexes. This decision preserves the eligibility of firms like Strategy Inc. (MSTR), which holds a majority of its assets in Bitcoin. The index provider cited the need for further consultation and research on the classification of non-operating companies.

The firm had previously considered removing such companies from its core indexes, which could have triggered significant capital outflows. This move was met with criticism from industry advocates, who warned of market disruptions. MSCI's announcement alleviates immediate concerns about forced selling.

Strategy's stock price surged over 6% in after-hours trading following the decision. Other digital asset-related companies also saw positive movement, signaling relief in the market.

Why the Move Happened

MSCI acknowledged that distinguishing between investment companies and operating entities requires further study. The index provider noted that feedback from institutional investors raised concerns about the characteristics of some digital asset treasury companies.

The firm emphasized that it will initiate a broader consultation on how non-operating companies should be treated in its indexes. For now, the current index eligibility criteria will remain unchanged.

This approach allows for additional time to evaluate the evolving nature of corporate digital asset strategies.

How Markets Responded

Strategy Inc. (MSTR) experienced a sharp increase in its stock price after MSCI's announcement. The company had been a vocal opponent of the proposed exclusion, arguing that it would destabilize index neutrality.

Bitmine Immersion Technologies also saw a 3.5% rise in after-hours trading. The decision provides stability for companies that have adopted digital asset treasuries as part of their corporate strategy.

Investors had previously expressed concerns about the potential for forced selling if MSCI followed through with its exclusion plan. Analysts had estimated that the move could trigger up to $2.8 billion in selling pressure for affected stocks.

What Analysts Are Watching

MSCI's decision does not signal the end of the discussion. The index provider plans to open a broader consultation on the treatment of non-operating companies. This process will involve further input from market participants to refine eligibility criteria for digital asset treasury companies.

Analysts are now watching for developments in the next 24 months. The broader adoption of digital assets in corporate treasuries, combined with evolving regulatory frameworks, will likely influence future index composition.

Until 2026, the current status of digital asset treasury companies will remain unchanged. The next review will determine whether the inclusion criteria will be modified.