MSCI adopted rules for non-operating companies in its Global Investable Market Indexes on October 15. They take effect at the November 30 close. Crypto treasury companies covered by earlier interim restrictions will move under the broader framework at that index review.
In its decision announcement, MSCI said it would implement its August consultation proposal with minor modifications. The policy extends existing exclusions for investment funds and other passive vehicles to corporate issuers identified through quantitative tests.
The updated October methodology first checks whether operating assets represent at least half of total assets. Companies below that threshold face five tests covering operating assets, expenses, cash generation, fair-value movements and dependence on external financing. Failing at least four makes a company ineligible under this screen.
Existing constituents generally must fail both the core and exclusion screens in both of the two latest available annual filing periods before deletion. Non-constituents can be barred from addition after failure in either period. MSCI may also consider interim financial information. Four tests are assessed for each period separately; capital dependence is assessed across both periods collectively.
The November review will also end interim measures announced in October 2025 for a preliminary group of companies whose digital assets represented at least 50% of total assets. Those measures froze increases in specified share and inclusion factors and deferred additions and size-segment moves. The change is scheduled for November, rather than taking effect immediately.
MSCI plans to publish its final affected-company list on November 11. BeInCrypto’s report, syndicated by Yahoo Finance, also distinguishes potential exclusions from completed removals. The announced methodology sets the review process; individual index actions remain a separate forthcoming decision.