msci

According to Cointelegraph, the Bitcoin Policy Institute (BPI) released a research report questioning the process by which MSCI established its latest index rules. MSCI had previously listed companies such as Strategy and Metaplanet as potential "non-operating companies," which could lead to their removal from the index.MSCI first proposed excluding digital asset treasury companies from global indices in 2025, but after facing opposition, it shelved the plan in January and opted for a broader review of "non-operating companies." On August 3, MSCI put forward a broader proposal that could still result in the exclusion of Strategy and Metaplanet. In a report titled "The Invisible Committee of Wall Street," BPI pointed out that metadata shows the presentation MSCI consulted is stored in an internal folder specifically for digital asset treasury companies.According to the proposal, MSCI will first assess whether a company has a significant amount of operational assets before applying five additional financial tests. Its own simulations indicate that Strategy, Metaplanet, and uranium investment company Yellow Cake would be excluded. In 2025, JPMorgan analysts estimated that if Strategy were excluded, it could face an outflow of approximately $2.8 billion. BPI also questioned MSCI's reliance on "operational assets," stating that the term is not a standardized balance sheet category under U.S. GAAP or IFRS. MSCI concluded its opinion collection on September 30 and is expected to announce results on or before October 16, with related changes set to take effect during the index review in November 2026.

According to Strategy's latest 8-K filing, Strategy has raised approximately $20.9 billion this year through the issuance of common and preferred stock, ranking fourth in the scale of stock issuance in the United States, only behind SpaceX, Alphabet, and Intel.Recently, Strategy obtained a net gain of $602.8 million by selling MSTR common stock, of which $369.7 million was used to purchase 4,603 BTC, with an average purchase price of approximately $80,318. As of August 30, the company's total holdings of BTC increased to 845,050, with a cumulative purchase cost of approximately $63.73 billion and an average cost of approximately $75,412.In addition, MSCI's consultation regarding financial reserves for digital asset companies will conclude on September 30, and the market is paying attention to whether there will be adjustments to the inclusion criteria for related indices thereafter.

Bitcoin holding company Strategy (formerly MicroStrategy) has written to MSCI opposing its proposal to exclude "non-operating companies" from the global investable market index, stating that the proposal is "misleading and flawed." Strategy founder Michael Saylor and CEO Phong Le expressed in the letter that MSCI's proposal discriminates against digital asset companies and questioned its fairness and reliability as an index provider.Earlier this month, MSCI announced that it is consulting on the definition of "non-operating companies" and plans to exclude such companies from its global investable market index. Strategy pointed out that this is the second time MSCI has proposed a similar plan, as a previous proposal for 2025 was withdrawn. Strategy emphasized that it is an operating company, employing approximately 1,500 people globally, and reports its Bitcoin business as an operating segment, with Bitcoin gains and losses reported as operating expenses.Strategy is currently the largest corporate holder of Bitcoin, holding 845,050 Bitcoins, valued at approximately $6.58 billion at current prices. MSTR closed up 4% on Monday, but has fallen 15% year-to-date.

Strategy responded to MSCI's proposed changes to index inclusion standards by stating that digital assets are assets. Index providers should measure the market, not decide which assets companies can hold. MSCI's proposal disconnects it from the positions of regulators, the market, and its own clients. Bitcoin does not need MSCI, and Strategy does not need it either.Previously, global index provider MSCI proposed to add a "non-operating company" screening criterion to its global indices, which could remove companies like Strategy and Metaplanet that primarily hold Bitcoin assets from the relevant indices.

According to CoinDesk, the index provider MSCI has launched a new round of consultations, proposing to exclude so-called "non-operating companies" from its Global Investable Market Indexes. This classification will no longer use the proportion of crypto assets as the sole threshold but will adopt a two-step screening process: first, it will check whether operating assets exceed 50% of total assets; those that do not pass will then be assessed based on five financial ratios: operating asset intensity, expense intensity, cash flow, fair value intensity, and capital dependence. If at least four of these do not meet the standards, they will not qualify for inclusion.If the current data is applied to the MSCI ACWI IMI Index, Bitcoin-holding companies Strategy (MSTR), Metaplanet (3350), and uranium holder Yellow Cake will be excluded. Strategy has cumulatively held approximately 840,400 BTC since 2020, while Metaplanet holds about 43,000 BTC. MSCI's description of "non-operating companies" refers to businesses that create value by accumulating and holding non-operating assets, have limited operating cash flow, and rely on external financing for expansion.The consultation for collecting opinions will end on September 30, with results expected to be announced around October 16; even if approved, the related adjustments will not take effect until the index review in November 2026 at the earliest. Previously, a consultation in October 2025 regarding "digital asset treasury" companies, which set a standard of 50% for crypto asset proportion, had caused market fluctuations and industry opposition, ultimately being postponed.

According to Gate market data, on Friday, Asian emerging market stock indices recorded their largest single-day increase in over 17 years, as the stock markets in South Korea and Taiwan surged, alleviating market concerns about spending related to artificial intelligence.The MSCI Asia Emerging Markets Index rose by about 7%, and the technology index increased by over 13%, both marking their largest single-day gains since October 2008. Nevertheless, both indices have still declined by 5% and 14% respectively so far this month.

According to Gate market data, the MSCI Asia-Pacific (excluding Japan) stock index has risen by more than 5%.

According to the Korea Herald, the Korea Exchange conducted an internal review on July 29 regarding the technical feasibility and system requirements for a temporary ban on short selling and narrowing the price limit (currently at 30%) to address the recent severe fluctuations in the stock market. Sources familiar with the matter stated that "only technical feasibility was confirmed," and it was not a prerequisite for implementation, but rather a screening process during the review of available emergency measures.Recently, the South Korean stock market has continued to plummet, causing increasing damage to individual investors. During a meeting of the National Assembly's Administrative Committee, several lawmakers urged authorities to consider a temporary ban on short selling and to restart the Securities Market Stabilization Fund. A national petition to suspend short selling garnered over 10,000 signatures within two days of being made public. However, the ban on short selling conflicts with South Korea's goal of being included in the MSCI developed market index; a previous 17-month short selling ban from November 2023 to March 2025 had led to MSCI downgrading South Korea's market accessibility rating. The exchange's officials stated that they have not received any related requests from the government and have not formally discussed a short selling ban.

According to a report by Yicai, MSCI announced that Changxin Technology will be included in the MSCI China All Shares Index due to the listing of its IPO new shares, effective August 10.The MSCI China All Shares Index is a comprehensive Chinese stock index compiled by MSCI, covering all categories of Chinese-related stocks, including large-cap and mid-cap stocks listed on the Shanghai and Shenzhen exchanges, Hong Kong-listed companies, and overseas-listed Chinese stocks (such as US ADRs), fully reflecting investment opportunities in Chinese stocks. It is tracked by many global ETFs and passive funds, and the inclusion of Changxin may bring in passive capital inflows.

According to official news, Gate ETF will launch TSM3L/USDT, TSM3S/USDT, EWY3L/USDT, EWY3S/USDT, DRAM3L/USDT, and DRAM3S/USDT on July 17 at 15:00 (UTC

Binance will launch bStocks tokenized securities trading pairs: AMDB/USDT, EWYB/USDT, INTCB/USDT, and MSTRB/USDT on June 23, 2026, at 21:30, and will enable spot algorithm trading robot services. Deposit and withdrawal services will open on the same day at 22:30, with zero order fee during the event, until September 1, 2026, at 07:59.

After Strategy, another company with Bitcoin as its core business has been included in the mainstream stock index system. IREN Limited (NASDAQ: IREN) announced that it will be added to the MSCI USA Index after the market closes on February 27. This index covers large and mid-cap stocks in the U.S., accounting for approximately 85% of the U.S. free float market capitalization. Inclusion in the index typically means an influx of automatic allocation funds from passive funds and increased visibility among institutional investors.Previously, the index provider MSCI had discussed whether to exclude digital asset reserve (DAT) companies with more than 50% of their balance sheets allocated to crypto assets. In response, Strategy publicly opposed this, stating that the proposal was discriminatory, arbitrary, and unfeasible. Ultimately, MSCI did not exclude DAT companies, allowing Strategy to remain within the index system.

MSCI announced that it has currently decided not to implement the proposal to exclude Digital Asset Reserve Companies (DATCOs) from the MSCI Global Investable Market Index (MSCI Index) in the February 2026 index review.MSCI plans to initiate a broader consultation regarding the treatment of general non-operating companies. This broader review aims to ensure consistency and to remain aligned with the overall objective of the MSCI Index, which is to measure the performance of operating companies and exclude entities that are primarily investment-oriented in nature.Distinguishing investment companies from other companies (the latter holding non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes) requires further study and consultation with market participants. For example, assessing the index eligibility of various types of such entities may require additional inclusion assessment criteria, such as financial statement-based metrics or other indicators.According to Bitget TradFi data, in response to this news, Strategy (MSTR) rose 6.58% in after-hours trading.

The index provider MSCI has proposed to exclude companies with 50% or more of their total assets in digital assets from its global investable market index, with a final decision to be made on January 15, 2026, and changes potentially taking effect in February.Analysts expect this move could force 39 listed companies to sell off $10 to $15 billion in crypto assets to maintain eligibility. These companies have a total market capitalization of approximately $113 billion, with Strategy (formerly MicroStrategy) accounting for 74.5% of the affected value.JPMorgan estimates that Strategy alone could face $2.8 billion in outflows from MSCI-related funds. To avoid being excluded, some companies may proactively liquidate crypto holdings to below 50%, triggering market sell-offs and increased volatility in Bitcoin. Over 1,268 people have already signed a petition against the proposal, criticizing it for unfairly targeting digital assets.

According to Beincrypto, Bitcoin financial services company Fold Holdings (NASDAQ: FLD) announced on December 22 that it has been included in the U.S. small-cap benchmark index Russell 2000, becoming the first publicly traded Bitcoin financial services company to be selected, currently holding over 1,500 BTC.At the same time, global index provider MSCI is considering excluding companies with digital asset holdings exceeding 50% of total assets from its indices. According to analysis by JPMorgan, if Strategy is excluded by MSCI, it could face an outflow of $2.8 billion, and if other indices follow suit, the outflow could reach $8.8 billion. The MSCI consultation period will end on January 15, and the final decision will be announced; currently, 38 companies are at risk of exclusion, with a total market capitalization of $46.7 billion.

According to Reuters, Strategy (MSTR.O) may soon be removed from MSCI and other major stock indices. Analysts say this move could result in the company, which has heavily accumulated Bitcoin, losing up to $9 billion in stock demand and weaken the appeal of the entire sector.In response to client inquiries, MSCI proposed in October to remove companies with digital asset holdings constituting 50% or more of their total assets from its global benchmark indices. MSCI believes that such companies are more like investment funds, which are not included in its index system. However, many related companies argue that they are engaged in actual operations and developing innovative products, claiming that MSCI's proposal unfairly discriminates against the crypto industry.Additionally, dozens of companies have been inspired to incorporate crypto tokens into their balance sheets, hoping for future appreciation, but questions about the sustainability of these business models are also increasing. MSCI is conducting a public consultation and will announce its final decision on January 15. Analysts point out that if MSCI excludes Digital Asset Treasury (DAT) companies from the index, other index providers may follow suit.

According to Cointelegraph, Strategy has maintained its position in the Nasdaq 100 index during this year's annual adjustment, marking the first successful test since joining the index last December.Recently, Strategy purchased approximately 10,624 BTC for about $962.7 million, bringing its total holdings to 660,624 BTC, valued at nearly $6 billion. Despite remaining in the index, Strategy's stock price still closed down 3.74% on the day, and has fallen over 15% in the past month.MSCI is considering excluding companies that hold more than 50% of their total assets in crypto assets from the index, a move that could impact Strategy as early as January next year.JPMorgan has warned that if MSCI implements this rule, passive funds tracking the index may be forced to sell up to $2.8 billion worth of Strategy stock. Strategy's Executive Chairman Michael Saylor and CEO Phong Le have written to MSCI, arguing that the company is an operating entity rather than a passive investment vehicle.

Strategy wrote to the MSCI Equity Index Committee, urging it to abandon a proposal. The proposal aims to prohibit companies with digital asset holdings exceeding 50% of total assets from being included in its global equity benchmarks. Strategy warned that this move would lead to significant volatility in the index and contradict the U.S. government's policy of promoting innovation in digital assets.Strategy believes that if Bitcoin prices fluctuate or accounting standards differ, companies holding Bitcoin assets will "dramatically enter and exit" major indices, causing confusion for index providers and investors. MSCI argues that digital asset treasury (DAT) companies like Strategy and BitMine are more akin to investment funds than traditional operating businesses.Strategy pointed out that due to IFRS reporting, companies can value Bitcoin at cost, while U.S. GAAP requires quarterly fair value marking, making the rule difficult to apply consistently. Strategy is the largest public holder of Bitcoin, with 660,624 BTC valued at nearly $6.1 billion. JPMorgan analysts estimate that if Strategy is removed, it could face about $2.8 billion in passive fund outflows. MSCI is expected to make a final decision by January 15.