MSCI Keeps Bitcoin Treasury Companies in Indexes But Changes Rules on New Share Purchases

Mixed Victory for Bitcoin Treasury Firms

Major index provider MSCI has announced it will not exclude Bitcoin treasury companies from its benchmark indexes in the February 2026 review, bringing relief to firms that hold substantial cryptocurrency reserves on their balance sheets. However, the decision comes with significant new restrictions that could limit their ability to raise capital for additional Bitcoin purchases ^[1][2].

The announcement ends weeks of uncertainty for investors in companies like MicroStrategy, the world's largest Bitcoin treasury company, whose stock is included in major indexes including the Nasdaq-100, MSCI USA, and MSCI World ^[1].

Original Exclusion Proposal

MSCI had initially proposed in October to exclude treasury firms whose balance sheets consist of more than 50 percent cryptocurrency assets, a threshold that would have clearly disqualified MicroStrategy ^[1]. Potential capital outflows from such an exclusion were estimated at up to $2.8 billion as passive exchange-traded funds tracking these indexes would have been forced to divest their holdings ^[1].

MicroStrategy founder Michael Saylor had actively opposed the threatened exclusion, arguing that restricting passive index investments in Bitcoin today would be comparable to restricting investments in oil and oil platforms in the 1900s, frequencies and mobile towers in the 1980s, or computing and data centers in the 2000s ^[1].

New Rules Create Different Challenge

While avoiding outright exclusion, MSCI introduced new rules that will fundamentally change how Bitcoin treasury companies benefit from index inclusion. The index provider announced it will no longer adjust index weightings to reflect newly issued shares ^[2].

Previously, when companies like MicroStrategy issued new equity to raise capital for Bitcoin purchases, passive funds tracking MSCI indexes were required to buy a portion of those shares, creating steady demand. Under the new rules, this automatic buying no longer applies, reducing a key source of passive demand ^[2].

Analyst Crypto Rover suggested the announcement was misleading, noting that MicroStrategy issued over $15 billion in new shares in 2025. He warned that if the company attempts similar capital raises in 2026, it could face a "brutal crash due to no passive buying" ^[2].

Market Reaction and Future Uncertainty

MicroStrategy celebrated the decision in a social media post, calling it "a strong result for neutral indexing and economic reality" and thanking investors and the Bitcoin community ^[1]. The company's stock rose 3.9 percent in pre-market trading to $164, though it remains nearly 60 percent below its year-ago level ^[1]. However, the stock subsequently dropped 4.10 percent following the full details of the announcement ^[2].

Bitcoin itself declined 1.9 percent to $91,600 ^[1], later falling 2.30 percent to an intraday low near $91,550 on Wednesday, despite the MSCI news and reported whale accumulation of $280 million in Bitcoin ^[2].

Door Not Fully Closed

The issue of Bitcoin treasury companies in major indexes may not be permanently resolved. MSCI stated it "intends to conduct a more comprehensive consultation on the treatment of non-operating companies in general," noting its fundamental goal is to measure the performance of operating companies and exclude firms whose primary activities are investment-oriented ^[1].

This broader review suggests that Bitcoin treasury firms could still face exclusion challenges in the future as MSCI refines its approach to companies that function more as investment vehicles than traditional operating businesses.