MSCI said it will not move ahead with a proposal to remove Digital Asset Treasury Companies, or DATCOs, from its flagship global benchmarks during the February review. The decision keeps MicroStrategy (MSTR) and nearly 40 companies in those indexes and, according to analyst estimates cited in the source material, avoids a potential $10 billion to $15 billion round of forced selling by passive funds.
The market reaction was immediate. MicroStrategy shares rose more than 6% in after-hours trading to about $167.70. Bitcoin was quoted at $92,620, with a total market capitalization of roughly $3.30 trillion. The first read from traders was simple: index-linked selling did not arrive.
Index membership stays, but weight growth is capped
MSCI did not give DATCOs a full green light. The index provider said it will not implement increases to the Number of Shares, or NOS, or to inclusion factors for these securities. New additions and size-segment migrations involving DATCOs are also being deferred.
That creates a narrower form of inclusion. MicroStrategy remains in the benchmark, but if it issues new shares to fund additional Bitcoin purchases, those shares will not raise its index weight. MSCI’s stated rationale is to limit reflexive loops in which companies use index membership to expand balance sheets through non-operating assets.
The debate centers on what these companies really are
The consultation exposed a classification problem. Critics argue that firms such as MicroStrategy, where digital assets account for more than 50% of total assets, resemble investment vehicles more than operating businesses. Investment funds are not eligible for these global equity indexes, which made exclusion appear consistent with existing rules.
MSCI chose not to make that jump yet. The source says the U.S. Strategic Bitcoin Reserve and Executive Order 14233 changed the context, making it harder to dismiss Bitcoin as a purely non-operating holding. MSCI said distinguishing an investment company from a business holding strategic digital assets requires more research and a broader review covering non-operating companies in general.
Near-term relief for Bitcoin-heavy corporates
The practical result is that companies with large Bitcoin treasuries will stay in major stock indexes for now, rather than being removed through this proposal in the 2026 review cycle. For MicroStrategy, the clearest effect is the removal of immediate passive selling pressure. For similar firms, index eligibility remains intact, but one route to gaining more benchmark weight has been shut off.
MSCI plans a wider consultation on how its indexes should distinguish operating companies from investment-oriented entities. Until a broader framework is set, DATCOs stay inside the index structure, though with clear limits on future expansion within those benchmarks.