MSCI Keeps Digital-Asset Treasury Companies in Major Indexes
MSCI declined to exclude digital-asset treasury companies from its Global Investable Market Indexes, preserving index eligibility for Bitcoin-heavy public companies while opening a broader review of investment-like operating companies.
On January 6, 2026, MSCI announced that it would not implement a proposal to exclude digital-asset treasury companies from the MSCI Global Investable Market Indexes as part of the February 2026 index review. The consultation had focused on companies whose digital-asset holdings represented 50% or more of total assets and raised the question of whether some treasury companies resembled investment funds rather than operating businesses.
MSCI kept currently included companies in its indexes so long as they continued to meet other eligibility requirements, while temporarily restricting certain share-count and inclusion-factor increases and deferring additions or size-segment migrations for securities on its preliminary list. It also announced a broader consultation on how to treat non-operating or investment-oriented companies generally.
For Bitcoin, the decision mattered through market structure rather than protocol policy. Index inclusion can determine whether passive funds must own a company, affecting liquidity, valuation and access to capital. By declining an immediate blanket exclusion, MSCI preserved an important institutional channel for Bitcoin treasury companies while leaving the underlying classification debate unresolved.