MSCI will not proceed with excluding digital-asset treasury companies from its indexes and instead will open a broader consultation on how to treat non-operating companies in benchmarks. The reversal delays a methodology change that could have affected passive funds and crypto-focused issuers.
Asset manager Strive criticized MSCI’s proposal to strip companies with Bitcoin treasuries from its indexes, warning the rule could distort benchmarks and harm diversified portfolios. The move raises questions about benchmark integrity and investor access to BTC exposure.
Bitcoin backers urged a boycott of JPMorgan after reports that Strategy and other crypto treasury firms could be omitted from key market indexes. Advocates warn the exclusions could marginalize crypto treasuries and slow institutional adoption.
MSCI has proposed reclassifying companies with large Bitcoin treasuries as investment funds; Michael Saylor argues these are operating businesses holding Bitcoin as corporate balance sheet assets, not funds.