MSCI delays removing Strategy and other "Bitcoin financial companies," index rules may signal a key shift

MSCI recently announced that it has abandoned its previous plan to remove “digital asset financial companies” from its stock indices and will instead move towards a more comprehensive policy assessment of listed companies holding significant amounts of non-operational assets (such as Bitcoin). This decision is interpreted by the market as MSCI potentially re-evaluating its inclusion criteria for companies related to crypto assets.

According to MSCI’s latest statement, it will maintain its current approach and will not immediately adjust the indices for companies labeled as “digital asset financial companies.” This category typically refers to companies with digital asset holdings accounting for 50% or more of their total assets. This move means that core Bitcoin financial companies like Strategy will continue to remain in MSCI’s global benchmark index system, at least until the next formal assessment in February 2026.

Following the announcement, Strategy’s stock price rose by about 6% in after-hours trading, indicating that passive fund retention expectations have a direct impact on market sentiment. For institutional funds that heavily track MSCI indices, the stability of index components is crucial.

MSCI explained its policy shift by stating that it received feedback from investors expressing concerns that some digital asset financial companies are structurally and risk-wise closer to investment funds, which are generally not eligible for inclusion in stock indices. The current focus is on how to distinguish companies that hold digital assets for operational purposes from entities whose core activity is investment.

MSCI indicated that future standards might need to incorporate new judgment criteria, including indicators based on financial statement structure, asset usage, and business models, to more accurately differentiate crypto asset financial companies from traditional investment entities. This suggests that the index construction methodology itself is entering a phase of redesign.

This decision provides a critical time window for listed companies involved in crypto asset management. Previously, the market warned that if MSCI were to force the removal of related companies, it could trigger a concentrated withdrawal of passive funds, potentially amounting to $10 billion to $15 billion. JPMorgan also estimated that just one company, Strategy, could see a potential passive fund outflow of up to $280 million.

MSCI initially planned to publish related consultation results in mid-January 2026 and implement adjustments during the February index review. The decision to “pause” effectively maintains the status quo and also signals that the traditional index system is being forced to confront the long-term existence of Bitcoin financial companies as a new type of listed entity.