MSCI has decided to keep digital asset treasury companies in its global benchmarks for now, removing a major source of uncertainty for crypto-linked equities and helping stabilize expectations around passive capital flows.
On Jan. 6, MSCI confirmed that, following an investor consultation, it would not move forward at this time with a proposal to exclude digital asset treasury companies, or DATCOs, from the MSCI Global Investable Market Indexes. As a result, the current treatment of these companies will remain unchanged ahead of the February 2026 index review.
Index exclusion fears are temporarily lifted
The issue emerged after MSCI introduced a proposal in late 2025 aimed at excluding companies whose digital asset holdings account for 50% or more of total assets. The concern was that some of these firms may resemble investment vehicles rather than operating businesses, while crypto price volatility could distort the intended risk profile of major equity benchmarks.
Feedback from institutional investors showed that some digital asset treasury firms do share characteristics with investment funds, which are generally not eligible for index inclusion. At the same time, respondents also indicated that these companies may represent only one subset of a broader universe of non-operating, investment-oriented entities, suggesting that a simple exclusion rule may be too blunt.
Why the decision matters for firms like Strategy
The outcome is especially important for companies with large crypto holdings, including Strategy (Nasdaq: MSTR). Because the company’s balance sheet strategy is closely tied to bitcoin accumulation, any removal from major benchmarks could have had a sizable market impact. Equity analysts had estimated that exclusion might trigger up to $2.8 billion in forced outflows from passive investment vehicles, potentially weighing on valuation and stock performance.
By maintaining eligibility, MSCI has effectively removed a structural overhang from the sector. That improves visibility on index-linked capital flows and supports the case for a relief rally in crypto-exposed stocks, particularly after months of concern over benchmark-related selling pressure.
MSCI is not closing the door on future changes
Still, the decision is not a final resolution. MSCI said it needs further analysis to better distinguish between companies that hold digital assets as part of their operating activities and those primarily focused on asset investment. The index provider also noted that it may update its preliminary list if company disclosures about digital asset holdings change.
In that sense, MSCI has chosen monitoring over immediate exclusion. For now, however, its decision provides near-term support to crypto-linked equities and removes one of the biggest index-related risks hanging over the space.