NEW YORK, 6 JANUARY 2026 — Global index provider MSCI Inc. has backed away from a controversial proposal to exclude companies with heavy cryptocurrency holdings from its key equity benchmarks, at least for now, while announcing plans for a wider review of how such “non-operating” firms are classified for index inclusion.
The move comes amid growing debate over whether companies that derive much of their asset value from digital currencies, such as Bitcoin, should remain part of mainstream equity indexes that passive investment funds use as performance benchmarks.
Proposal Shelved — But Not Dead
MSCI had been considering a rule to exclude so-called Digital Asset Treasury Companies (DATCOs) from its MSCI Global Investable Market Indexes if more than half of their total assets were held in digital assets, a change that could have forced passive funds to sell affected stocks and triggered significant market realignments in crypto-linked equities.
Under the revised stance, MSCI has decided not to implement that exclusion plan in the February 2026 index review, meaning companies with substantial crypto holdings, including those with over 50 % of assets in digital tokens, will remain in the indexes for now.
However, the index provider said it will launch a broader consultation and review on how to treat so-called non-operating or asset-heavy companies more broadly, including establishing clearer criteria to distinguish between traditional operating firms and entities with significant non-operating holdings such as digital assets.
Market Impact and Immediate Reaction
Firms like Strategy Inc., whose enterprise value is heavily tied to Bitcoin holdings ,welcomed the reprieve, with shares rising in after-hours trading following the announcement. Analysts say this delay removes immediate disruption for passive index funds and crypto-treasury companies that had faced forced selling risk linked to an exclusion scenario.
At the same time, by signalling a broader consultation, MSCI has left the door open to future changes that could still alter how companies with large digital asset holdings are classified and treated in global benchmarks. Such a shift could affect flows into crypto-related equities and influence institutional portfolio allocations if stricter criteria are eventually adopted.
Why the Review Matters
Index decisions carry real market implications because billions of dollars of passive funds track MSCI benchmarks. Excluding or reclassifying an asset could trigger forced rebalancing, sell-offs or changes in index weightings, especially in stocks whose valuations move in tandem with crypto prices.
The broader review signals MSCI’s intent to examine whether traditional index rules remain suitable in a market where evolving business models increasingly include non-operating assets, be they crypto, intellectual property holdings, or other alternatives, as a core part of corporate balance sheets.
