Morgan Stanley Capital International (MSCI) has postponed its plan to exclude companies holding digital assets in their treasuries from its indexes, opting instead for a comprehensive review of non-operating companies. Announced on January 6, 2025, this decision impacts numerous institutional investors and reflects the evolving nature of corporate treasury management. The review will focus on distinguishing between operating companies and investment vehicles, ensuring that any policy changes are based on thorough market understanding. The postponement affects major companies like MicroStrategy and Tesla, which have significant cryptocurrency holdings. MSCI's consultation process, expected to take six to nine months, will involve surveying institutional investors, analyzing corporate classification methodologies, and reviewing regulatory developments. This approach aims to establish clear criteria for distinguishing operating versus non-operating activities, with any changes likely implemented by late 2025 or early 2026.