MSCI has officially announced its decision to keep digital asset treasury companies in its global indexes,…

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MSCI has officially announced its decision to keep digital asset treasury companies in its global indexes, a move that provides significant stability for firms that hold crypto assets on their balance sheets. This decision was largely driven by two primary factors: the receipt of specific investor feedback and a recognized need for further study regarding non-operating firms. By choosing not to exclude these entities at this time, MSCI has allowed major market players to maintain their positions within influential benchmarks.

The announcement immediately impacted the valuation of Strategy, which is recognized as the largest crypto treasury firm in the industry. Shares in Michael Saylor’s Strategy rose by 5.7% following the news that MSCI would not be removing digital asset treasury companies from its market index. This market reaction underscores the importance of index inclusion for high-profile firms that have integrated digital assets into their corporate treasury strategies. This decision ensures that these specific types of entities continue to meet the criteria for inclusion in global benchmarks, avoiding immediate removal that some market participants might have anticipated.

Context

The framework through which MSCI evaluates companies is designed to prioritize certain types of corporate structures over others. Specifically, MSCI Indexes seek to measure the performance of operating companies. Conversely, the methodology typically excludes entities whose primary activities are investment-oriented in nature. This creates a complex environment for digital asset treasury companies, which often straddle the line between traditional operations and investment-heavy balance sheets.

To address this, MSCI stated that digital asset treasury companies will be subject to broader consultations moving forward. These consultations will involve a wider group of entities and are intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes. This review process is essential for the index provider to determine if these firms truly fit the definition of an operating company or if they should be categorized alongside investment-oriented entities. This ongoing scrutiny occurs against a backdrop of evolving regulations, with specific references to how crypto laws changed in 2025 and are expected to change further in 2026.

Impact

The decision to continue including digital asset treasury companies in global indexes has direct consequences for the broader financial ecosystem. Most notably, the continued inclusion ensures that these companies remain eligible for passive index funds. This eligibility is a critical component for sustaining market demand and ensuring liquidity for these stocks. By staying within the index, these firms can attract broader institutional ownership of digital assets through established investment vehicles. This is particularly important for firms whose shares may have seen volatility in the latter half of 2025 as the sustainability of treasury-focused strategies was questioned.

Strategy serves as a primary example of the scale at which these firms operate. As the largest crypto treasury firm, Strategy holds a total of 673,783 Bitcoin. The 5.7% rise in Strategy’s shares following the MSCI announcement highlights the value of maintaining a position in global indexes for firms with such substantial digital asset holdings. For the wider market, this decision provides a temporary resolution to questions about how these non-traditional corporate treasuries fit into the broader equity landscape, ensuring that they remain accessible to institutional and passive investors for the foreseeable future.

Outlook

Looking ahead, the long-term status of digital asset treasury companies within MSCI’s global indexes will depend heavily on the results of the newly announced consultations. MSCI has clearly indicated that there is a need for further study on non-operating firms to determine their ultimate place within the index structure. The upcoming broader review is intended to ensure that the indexes continue to align with their primary goal of measuring the performance of operating companies. As such, the current inclusion can be viewed as a period of continued evaluation while the firm gathers more data and feedback from the wider investment community.

The evolving legal and regulatory framework will also be a major factor in the outlook for these companies. With specific references to how crypto laws changed in 2025 and the expectation of further changes in 2026, the industry is preparing for a more defined set of rules that could influence how MSCI categorizes these entities. For now, the decision to retain these companies provides a measure of stability for the largest firms in the sector. Investors and corporate entities will be watching for the results of the broader review to see if the current criteria for index inclusion will be modified to more strictly separate operating companies from those with investment-oriented treasury activities.