MSCI Will Keep Crypto Treasury Firms in Indexes After February Review

TLDR

• MSCI will keep DATCOs in indexes for the February 2026 review after investor concerns.
• Strategy (MSTR) shares rose 6% post-announcement despite a 47.5% drop in 2025.
• MSCI is re-evaluating how it classifies companies with large non-operating assets.
• JPMorgan estimated a $2.8B outflow risk for Strategy if it was excluded.

MSCI has scrapped its earlier plan to remove Digital Asset Treasury Companies from its global indexes, keeping them eligible for inclusion in its February 2026 index review. The index provider now plans a broader review of classification standards for companies holding large non-operating assets like Bitcoin.

MSCI Maintains Current Index Inclusion for Crypto Treasury Firms

MSCI has confirmed that companies with large digital asset holdings will remain in its indexes for the February 2026 review. This decision affects firms classified as Digital Asset Treasury Companies (DATCOs), which are those with digital assets making up over 50% of total assets.

The announcement was made on January 7, following a period of consultation and feedback from market participants. MSCI stated, “For the time being, the current index treatment of DATCOs. will remain unchanged.”

Strategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, saw its shares rise about 6% in after-hours trading after the update. The company had strongly opposed the exclusion proposal, warning of major financial consequences and risks to U.S. digital asset leadership.

MSCI Will Reassess How It Classifies Non-Operating Asset Firms

While maintaining the current index composition, MSCI signaled that a broader review is underway. The company said it would explore how to distinguish between investment firms and operating businesses that hold non-operating assets like Bitcoin.

“Distinguishing between investment companies and other companies that hold non-operating assets. requires further research,” MSCI said in its statement. It added that future index eligibility might rely on new financial metrics and classification methods.

This reconsideration comes as some investors voiced concern that DATCOs resemble investment funds, which are not typically included in MSCI’s equity benchmarks. However, others argued that asset composition alone does not accurately reflect how these firms operate or generate value.

Proposal’s Reversal Eases Market Pressure on Crypto Treasury Stocks

The idea to exclude DATCOs, floated by MSCI in late 2025, had raised concerns across financial markets. Analysts estimated that exclusion could lead to $10–15 billion in forced selling, especially by passive funds tracking MSCI indexes.

JPMorgan had projected Strategy alone could face $2.8 billion in passive outflows if the exclusion had moved forward. A December 2025 letter from Strategy’s leadership called the proposal “misguided” and urged MSCI to reconsider its criteria.

Other digital asset treasury firms such as Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI) also recorded modest gains in after-hours trading following MSCI’s update.

Ongoing Consultation Will Extend to Other Sectors

MSCI said the issue is not limited to digital asset firms. Its ongoing consultation will assess whether other companies with non-operating assets, including commodities, should be reclassified under new rules. MSCI noted that future updates might consider balance sheet data, revenue models, and broader financial indicators to judge eligibility.

The firm emphasized that more clarity is needed to create consistent index policies across sectors. For now, companies currently classified as DATCOs will retain their status in MSCI indexes. However, further changes remain possible as the review continues in the coming months.

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