From MSCI to 2026: The Delay Strategy Could Change the Face of the Digital Asset Market

A strategic decision announced at the beginning of 2025 has sent shockwaves through the financial world: Morgan Stanley Capital International (MSCI) will delay any delisting actions for companies holding significant amounts of digital assets until a comprehensive review in 2026. Although this move appears technical, it is actually a pivotal step in how global markets approach the integration of digital assets into traditional index portfolios.

Why Did MSCI Choose the Delay Approach?

In October 2024, MSCI launched a broad market consultation process, asking whether companies with balance sheets primarily composed of digital assets should be excluded from MSCI’s influential indices. The response from the financial community was clear and strong.

A series of fund managers, publicly listed companies, and financial institutions argued that an immediate exclusion would be too hasty. They pointed out that a company’s strategy of holding digital assets is a legitimate fund management approach, just still relatively new within the traditional financial system. These arguments made MSCI realize that more time is needed to observe, evaluate, and continue developing accounting standards.

As a result, a two-year waiting period was set — a timeframe not uncommon in the history of major index decisions. This period allows US GAAP and international IFRS accounting standards to continue maturing. It also provides an opportunity for regulators like the US Securities and Exchange Commission (SEC) to clarify the legal environment surrounding these assets.

The Number Everyone Is Watching: $15 Billion USD

To understand why this decision is significant, consider the potential consequences if MSCI had decided to exclude companies immediately. Industry analysts, including those quoted in detailed reports, have calculated that such a move could trigger selling pressure from $15 billion USD.

Where does this figure come from? The answer lies in the structure of index-tracking funds. Billions of dollars of assets are managed within ETFs and mutual funds designed to track MSCI indices. When MSCI changes its index composition, these funds are forced to sell shares of companies that are being removed to maintain index compliance. Such a concentrated sell-off would not only impact the stock prices of companies holding digital assets but could also exert downward pressure on the underlying digital asset markets — Bitcoin, Ethereum, and other cryptocurrencies held by these companies.

MicroStrategy: A Case Study and the Benefits of the Delay

No company exemplifies this trend more than MicroStrategy. Led by CEO Michael Saylor, the company has made Bitcoin strategy a core part of its business operations. MicroStrategy’s market capitalization today is closely correlated with Bitcoin’s price movements — at times, this correlation has been extremely high.

Matthew Sigel, Head of Digital Asset Research at VanEck, confirmed that MicroStrategy will remain in MSCI indices until the 2026 review. This provides the stability the company and its shareholders need. Being part of major indices like MSCI USA Index grants MicroStrategy access to a huge passive capital source. If excluded, the company’s cost of capital could rise significantly, and its fundraising ability could be hampered.

This delay not only protects MicroStrategy but also sets an important precedent. Other public companies developing their own digital asset strategies — from tech giants to traditional firms diversifying treasury assets — will benefit from this certainty.

The Next Two Years Are Critical

The period until 2026 will be a crucial phase. MSCI can use this time to gather more data on price volatility, liquidity, correlation with other assets, and company performance across different market cycles.

Meanwhile, regulators will continue to develop the legal framework. New guidance from the SEC and other authorities will help clarify how digital assets should be reported in corporate financial statements. At the same time, institutional investors will have the opportunity to develop appropriate internal policies regarding exposure to digital assets within their index funds.

Key Event Timeline:

The Difference Between Delay and Exclusion

A reasonable question is: does delay mean MSCI will never exclude these companies? The answer is no. The delay is not a final decision. MSCI is simply choosing to wait. The 2026 review will reconsider the entire issue based on market conditions at that time, legal developments, and company performance data.

However, this move reflects a cautious approach, grounded more in empirical evidence than in speculative fears. It sends a strong signal that MSCI will not rush into decisions that could disrupt markets without adequate readiness.

Impact on Other Index Providers

MSCI’s decision is not isolated. Other major index providers like S&P Dow Jones Indices and FTSE Russell will need to review their policies regarding companies holding digital assets. These providers may adopt similar approaches — completing assessments and observing — rather than rushing into action.

This creates a domino effect that could stabilize the entire global index ecosystem amid the growth of these new assets.

Conclusion: A Turning Point

MSCI’s choice to delay excluding companies holding digital assets until 2026 is a strategic decision reflecting the maturing of the global financial markets. It marks an important moment that brings stability at the intersection of traditional finance and digital asset adoption.

By not rushing to exclude, MSCI acknowledges the complexity of the issue and the evolving nature of corporate adoption of digital assets. This decision mitigates the risk of a potential $15 billion USD sell-off, providing time for companies, regulators, and accounting standards to develop clearer frameworks. The 2026 review will be a pivotal event, determining how global indices will handle innovative assets in the years to come.