MSCI announced that it will not remove digital‑asset treasury companies (DATCOs) from its equity indexes, a decision that preserves the index weightings of firms such as MicroStrategy (MSTR) that have adopted a Bitcoin‑treasury strategy.
The company defined a DATCO as a firm that holds more than 50 % of its total assets in digital assets, and it had previously proposed in October 2025 that such companies be excluded from its benchmarks. MSCI’s reversal follows a broader consultation that will examine how non‑operating entities should be treated in its methodology, with a full review slated for February 2026.
MicroStrategy’s shares rose roughly 6 % in after‑hours trading after the announcement, reflecting investor relief that the company will remain in MSCI’s global indexes and that passive index funds will continue to hold its stock. The decision also mitigates the risk of forced selling that could have triggered $10 billion to $15 billion in outflows from index‑tracking funds if DATCOs were removed.
MSCI’s broader review will assess criteria such as the nature of a company’s core business, the proportion of its assets that are held for investment versus operational use, and the impact on index integrity. The February 2026 consultation aims to balance the need for index purity with the evolving corporate finance landscape where firms increasingly use digital assets as treasury reserves.
By keeping DATCOs in its indexes, MSCI avoids immediate disruption to passive investment products and signals a willingness to adapt its methodology to new business models. The move preserves liquidity for crypto‑treasury firms and provides a clearer framework for future changes, while also highlighting the growing importance of digital assets in corporate balance sheets.
The announcement underscores the broader trend of companies integrating cryptocurrencies into their treasury strategies, and it sets the stage for a more nuanced approach to benchmark construction that could influence how funds allocate capital in the coming years.
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