MSCIがStrategyなどの「ビットコイン資産会社」の除外を一時保留、指数ルールに重要な転換の兆し

MSCI has recently announced that it is abandoning its previous plan to remove “digital asset treasury companies” from its stock indices and will instead shift toward a more comprehensive policy assessment of listed companies holding significant non-operating assets such as Bitcoin. This decision has been interpreted by the market as MSCI potentially reconsidering its index inclusion standards for crypto asset-related companies.

According to MSCI’s latest statement, it will maintain its current approach and will not immediately implement index adjustments for enterprises labeled as “digital asset treasury companies.” This category typically refers to companies where digital asset holdings represent 50% or more of total company assets. This move means that core Bitcoin treasury companies such as Strategy will continue to remain in MSCI’s global benchmark index system, at least until the next formal assessment in February 2026.

Following the announcement, Strategy’s stock price rose approximately 6% in after-hours trading, demonstrating that expectations around passive fund retention have a direct impact on market sentiment. For the substantial institutional capital tracking MSCI indices, index composition stability is critically important.

In explaining its policy shift, MSCI indicated that it received feedback from investors concerned that certain digital asset treasury companies have structural and risk characteristics closer to investment funds, which typically do not meet the inclusion standards for stock indices. How to distinguish between “companies holding digital assets for operational purposes” and “entities where investment is the core activity” has become the focal point of current discussion.

MSCI stated that it may need to introduce new judgment criteria in the future, including indicators based on financial statement structure, asset use, and operating models, in order to more accurately differentiate crypto asset treasury companies from traditional investment entities. This suggests that the index compilation methodology itself is entering a redesign phase.

This decision provides a critical time window for crypto asset management-related listed companies. Previously, the market had warned that if MSCI forcibly removed relevant companies, it could trigger a concentrated withdrawal of passive funds, potentially reaching $10 billion to $15 billion. JPMorgan Chase also previously calculated that for Strategy alone, potential passive fund outflow could reach $2.8 billion.

MSCI had originally planned to announce relevant consultation results in mid-January 2026 and implement adjustments in the February index assessment. This decision to “pause” has effectively maintained the status quo, while simultaneously signaling that the traditional index system is being forced to confront the long-term existence of Bitcoin treasury companies as a new type of listed entity.