MSCI Drops Plan to Exclude Digital Asset Treasury Firms, Launches Broader Review

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Index provider MSCI said on Tuesday it will not move forward with a proposal to exclude digital asset treasury companies (DATCOs) from its indexes, opting instead to begin a wider review of how non-operating companies should be treated.

MSCI said it will maintain its current approach to firms on its preliminary DATCO list, defined as companies whose digital asset holdings account for 50% or more of total assets. As a result, Strategy, the world’s largest corporate holder of bitcoin, will remain included in MSCI’s global benchmarks for now.

Shares of Strategy rose about 6% in after-hours trading following the announcement, though the stock remains down roughly 47.5% for 2025. The company welcomed the decision, saying in a post on X that MSCI had confirmed digital asset treasury companies would remain in MSCI indexes for the February 2026 review, calling it “a strong outcome for neutral indexing and economic reality.”

MSCI said feedback from investors highlighted concerns that some DATCOs share similarities with investment funds, complicating their classification. The index provider noted that distinguishing between investment companies and operating businesses that hold significant non-operating assets — such as digital assets held as part of core operations rather than purely for investment — requires further research.

“For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators,” MSCI said in its statement.

The broader consultation will examine how such companies should be evaluated in future index reviews, as digital assets become a more prominent feature on corporate balance sheets.

Discord Files Confidentially for U.S. IPO, Bloomberg News Reports

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Online chat platform Discord has filed confidentially for an initial public offering in the United States, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The move comes as the U.S. IPO market showed signs of recovery in 2025 following nearly three years of subdued activity. However, expectations of a sustained rebound have been tempered by tariff-related market volatility, a prolonged government shutdown, and a late-year selloff in artificial intelligence stocks.

According to the report, discussions are still ongoing and Discord could ultimately decide not to proceed with a public listing. A Discord spokesperson told Bloomberg that the company remains focused on “delivering the best possible experience for users and building a strong, sustainable business.”

Discord did not immediately respond to a request for comment from Reuters.

Founded in 2015, Discord provides voice, video, and text communication services, initially targeting gamers and streamers but later expanding to broader online communities. The company said in a statement on its website in December that it had more than 200 million monthly active users.

Barclays Takes Stake in Stablecoin Settlement Firm Ubyx

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British lender Barclays said on Wednesday it has bought a stake in U.S.-based stablecoin settlement company Ubyx, marking its first investment in the stablecoin sector as it explores what it called “new forms of digital money.”

Founded in 2025, Ubyx operates a clearing and settlement system for stablecoins — cryptocurrencies pegged one-to-one to traditional currencies — with the goal of reconciling tokens issued by different providers. Barclays said the investment reflects its interest in developing tokenised money within existing regulatory frameworks.

The move comes as banks and financial institutions increasingly revisit blockchain-based payments and settlement solutions, buoyed by rising cryptocurrency prices and renewed political support for the sector in the United States under President Donald Trump. Despite the renewed momentum, many blockchain and stablecoin initiatives by traditional banks remain at an early stage.

Barclays said it and Ubyx share a commitment to building tokenised money “within the regulatory perimeter.” The bank was also among a group of 10 lenders — including Goldman Sachs and UBS — that said in October they were exploring the possibility of jointly issuing a stablecoin linked to G7 currencies.

“This investment aligns with Barclays’ approach to explore opportunities based on new forms of digital money, such as stablecoins,” a spokesperson for the bank said.

Barclays declined to disclose the size or valuation of the investment but confirmed it was its first stake in a stablecoin-related company. Venture capital arms of crypto firms Coinbase and Galaxy Digital have also previously invested in Ubyx, according to PitchBook.

The stablecoin market has expanded rapidly in recent years, dominated by Tether, which has about $187 billion worth of tokens in circulation. Stablecoins are primarily used to move funds within cryptocurrency markets but are increasingly being examined for broader use in payments and financial settlement.