MSCI Weighs Broader Index Screen Amid Bitcoin Treasury Firm Concerns
MSCI is considering an expanded screen for non-operating companies in its global investable indexes, which could impact Bitcoin treasury firms. The proposed changes would first assess whether a company has 'substantial operating assets.' If it fails this core test, five additional financial ratios would be applied, and failure of four out of the five could result in exclusion from the indexes.
This move builds on MSCI's October 2025 proposal, which targeted companies with Bitcoin or digital-asset holdings representing at least 50% of their total assets. However, MSCI did not implement this rule for the February 2026 Index Review and instead began examining non-operating companies across sectors.
A letter from Strive's Chairman and CEO Matt Cole in December 2025 opposed the earlier proposal, calling it 'unjustified, overbroad and unworkable.' Cole argued that Bitcoin-backed structured-finance products represented an operating business rather than an investment fund. He suggested retaining companies that meet existing size, liquidity, and free-float requirements while allowing clients to use customized indexes or other screens.
The current consultation evaluates companies through measures involving operating assets, cash flows, fair-value changes, and capital-raising activity. Bitcoin treasury companies are not named as a standalone exclusion category. Existing constituents would face two consecutive failures before deletion under the proposed buffers, while non-constituents would be assessed using their latest filing.