MSCI’s New Test Could Redefine What Counts as a Crypto Treasury Company

• MSCI proposes new financial rules that could remove crypto treasury firms from major global indexes.
• The framework targets “non-operating companies” using asset, cash flow, and capital reliance metrics. 
• At least three firms face deletion, while others like SharpLink are placed on a watchlist. 

MSCI is proposing a new financial test that could strip several crypto treasury companies from its widely tracked global stock indexes, replacing an earlier crypto-specific threshold with a broader set of ratios applied to any company holding non-operating assets.

The index provider’s consultation paper, released in August, moves away from a simple percentage cap on digital-asset holdings. Instead, it introduces a five-part financial screen designed to identify “Non-Operating Companies” regardless of what asset they hold, whether crypto, gold, or private equity stakes.…

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