Strategy and other companies managing crypto treasuries have narrowly avoided a significant setback — at least for the time being

MSCI Maintains Crypto Treasury Firms in Its Indexes

• MSCI has chosen not to remove companies holding significant crypto assets from its indexes.
• Concerns over possible exclusion have previously put pressure on Strategy’s stock.
• Despite this decision, MSCI announced a forthcoming comprehensive review of “non-operating companies.”

This week, the crypto sector avoided a major setback as MSCI, a leading index provider, decided against delisting firms that primarily hold digital assets from its benchmarks.

MSCI announced it would not move forward with a plan to exclude digital asset treasury companies from its indexes at this time, though it will reassess how certain businesses are classified in the future.

This outcome benefits companies like Strategy and others whose core activity is acquiring and holding cryptocurrencies, shielding them from a potentially severe impact. Had MSCI removed these stocks, many investors tracking its indexes might have followed, but the possibility of stricter rules remains.

Following the news, shares of Strategy surged by up to 5%.

MSCI’s initial consideration to exclude firms with over half their assets in crypto faced significant opposition from the crypto industry. The company argued that crypto treasuries resemble investment vehicles more than traditional operating businesses, and thus should be treated differently in global indexes.

Frank Chaparro, head of content at crypto market maker GSR, described the update as a subtle yet meaningful shift for the still-recovering crypto market, which recently endured a major downturn that wiped out significant value in the last quarter.

“As leverage decreased and confidence in these structures waned, weakness in digital asset treasury stocks affected broader crypto sentiment,” Chaparro told Business Insider. “In this environment, any credible positive development—especially one related to index inclusion and institutional access—has an outsized impact.”

Chaparro also noted that while many trading platforms allow direct crypto purchases, most investors still prefer gaining exposure through funds and index-linked products.

MSCI’s announcement also signals a broader consultation on how to classify “non-operating companies.” This ongoing uncertainty could pose new challenges for Strategy and other firms that hold large amounts of crypto on their balance sheets.

Chaparro believes that the index’s close scrutiny is warranted, emphasizing the need for high standards when evaluating digital asset treasuries.

“Companies that operate more like investment funds than traditional businesses—especially those with bitcoin as a primary treasury asset—should be assessed differently and may need to be excluded,” he said. “Establishing clear and consistent guidelines will be crucial for maintaining the credibility of indexes as these structures become more common.”