MSCI Shelves Crypto-Exclusion Plan, Signals Broader Review of Non-Operating Companies
January 6, 2026 — MSCI, a leading provider of global equity indexes, has paused its controversial plan to exclude firms heavily involved in cryptocurrencies from major indexes. While the move offers temporary relief to crypto-centric companies such as Strategy Inc., MSCI indicated that a wider review of non-operating companies is forthcoming, signaling potential changes ahead.
In a statement released Tuesday, MSCI confirmed that it will maintain the current index classifications for digital asset treasury companies, including those whose cryptocurrency holdings exceed 50% of their total assets. This decision ensures that companies like Strategy Inc.—which owns over $60 billion worth of Bitcoin, making up roughly 99% of its enterprise value—remain part of MSCI’s global benchmark indexes for the time being.
The initial proposal by MSCI would have removed such firms from key indexes, potentially affecting valuations and investment flows. However, after receiving feedback from market participants, MSCI has chosen to hold off on implementing the change immediately.
Despite shelving the crypto-exclusion plan, MSCI announced its intention to conduct a broader consultation on how non-operating companies are classified and treated within its indexes. This suggests the index provider is examining the broader category of firms whose primary assets are holdings rather than operating business lines. Market observers expect this review to impact a diverse range of companies beyond just those involved in digital assets.
The decision comes amid heightened scrutiny of cryptocurrency firms by regulators and investors globally, as the industry continues to grapple with volatility and regulatory uncertainty. Firms like Strategy Inc. have benefited from inclusion in major indexes, which increases their visibility and attractiveness to institutional investors.
For now, MSCI’s move offers a reprieve for crypto-heavy companies, but the upcoming review introduces uncertainty about future classification standards. Investors and market participants will be closely monitoring MSCI’s consultations and subsequent policy updates to understand how the evolving landscape of digital assets and non-operating companies will influence index compositions.
Reported by Isabelle Lee, Bloomberg News