MSCI has changed its stance. It previously planned to remove government bond companies holding large amounts of digital assets from its indices, but now it has decided to postpone this move and instead initiate a more comprehensive assessment process. The target is clear—public companies that hold non-operational assets like Bitcoin on their books and do not fall within traditional business categories. This shift immediately boosted the stock prices of related companies. However, industry analysts tempered the enthusiasm: don’t celebrate too early, as the controversy over index eligibility is far from settled. MSCI’s hesitation essentially reflects a bigger issue: how mainstream index systems define and accommodate crypto asset holdings, as there is still no unified standard worldwide. This tug-of-war may just be beginning.