MSCI Plans on Removing Crypto Treasuries from Indexes

Global index provider MSCI is considering excluding digital asset treasury companies in January 2026. According to analysts, this could create “meaningful pressure” on the treasury companies if the MSCI proceeds with the proposed exclusion. In October, the MSCI Index launched a consultation seeking industry feedback on whether to remove Bitcoin (BTC) and other digital asset treasury companies that have more than 50% crypto assets on the balance sheet.

The consultation period ends on December 31, with the results to be made public on January 15, 2026. Any changes made will take effect during February.

Why is MSCI Considering a Shift in Indexing Policy?

MSCI has cited feedback suggesting that digital asset treasuries “exhibit characteristics similar to investment funds, which are currently not eligible for index inclusion.” Charlie Sherry, Head of Finance at Australian crypto exchange BTC Markets, said that the odds of the MSCI excluding digital asset treasuries are “solidly in favor of it.” He said that MSCI “only puts changes like this into consultation when they’re already leaning that way.”

If the Index moves ahead with this decision, the index-trading funds would be required to sell affected stocks, which would likely drive significant downward pressure. The MSCI has identified 38 companies that could be impacted, including Michael Saylor’s Strategy, Sharplink Gaming, and major miners such as Marathon Digital Holdings and Riot Platforms.

Sherry explained, “When most of the value comes from a balance-sheet asset rather than the underlying business, MSCI treats that as outside the scope of a traditional equity benchmark.” He added that the shift reflects a broader move back to conservative fundamentals after a year of enthusiasm for crypto-heavy strategies.

JPMorgan analysts warn that Strategy could face $2.8 billion in outflows if excluded. According to Bloomberg, it is estimated that the company could lose $9 billion of its $56 billion market cap held in index-tracking funds.

Whether MSCI’s decision will influence other major index providers remains to be seen. Sherry noted that while index firms “often watch each other’s moves,” they follow their own methodologies. Strategy, for example, still appears on track for possible inclusion in the S&P 500.

“When companies understand exactly how their treasury decisions will be treated, it removes uncertainty for both issuers and investors,” he added.