Strive Challenged MSCI Bitcoin Index Rules
Proposed index criteria could exclude companies holding Bitcoin as an operating asset, potentially impacting portfolio holdings.
Updated on Sept. 25, 2026 in Investing
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Should companies that hold bitcoin in their corporate treasuries be excluded from major stock market indices?
Strive has requested that MSCI clarify its proposed index screening rules regarding how companies that hold Bitcoin-based treasuries are classified. The outcome of this consultation could lead to the exclusion of certain businesses from major stock indices.
Why it matters
Strive argues that classifying Bitcoin as a non-operating asset fails to recognize its growing role in corporate finance, wealth management, and lending. This potential reclassification could shift which companies qualify for index-tracking funds.
MSCI identified companies including Strategy and Metaplanet for potential exclusion in preliminary simulations. The impact of these rule changes on the composition of global stock indices remains uncertain until final methodology is announced.
The players
Strive
An asset management firm that offers investment products and advocates for transparent corporate governance standards.
MSCI
A provider of critical investment decision support tools, including widely tracked global equity indices.
Matt Cole
The President and CEO of Strive who submitted formal comments regarding the proposed index methodology changes.
The details
Strive, led by President and CEO Matt Cole, filed a formal request asking MSCI to refine definitions for operating assets. The firm notes that current discrepancies between US GAAP and IFRS accounting standards complicate the treatment of digital assets. If MSCI officially classifies Bitcoin as a non-operating asset, companies that hold the cryptocurrency on their balance sheets could face removal from index funds.
Timeline
September 30, 2026: The public consultation period concludes.
October 16, 2026: Official index methodology conclusions will be released.
November 2026: New index review standards will take effect.
Money Landscape
This dispute highlights the ongoing tension between traditional index methodologies and the integration of digital assets into corporate balance sheets. It follows a pattern of index providers navigating the regulatory gaps between US GAAP and IFRS standards for emerging asset classes.
Investors holding index funds should monitor whether their underlying holdings are impacted by the potential exclusion of Bitcoin-active companies. Please speak with a qualified financial professional to determine if your portfolio exposure aligns with your risk tolerance.
The takeaway
The definition of operating assets is evolving, and MSCI's upcoming decision could significantly alter which companies remain eligible for major index funds. Keep an eye on the official announcement expected on October 16, 2026, to see how these changes might impact your current investment holdings.
What happens next
MSCI is scheduled to release its official index methodology conclusions on October 16, 2026, followed by the implementation of new standards during the November 2026 index review.
Further reading
To understand how index reclassifications affect your portfolio, visit Investing.
More information
Review the Strive official MSCI consultation comments for technical details on the proposed index changes.
Live Poll
Should companies that hold bitcoin in their corporate treasuries be excluded from major stock market indices?
