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

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.