In a major development for Bitcoin-focused corporations and the broader digital asset ecosystem, global index provider MSCI has concluded its review of digital asset treasury companies (DATCOs) and decided against excluding them from its flagship indexes.
MSCI said the current treatment of affected companies will remain unchanged for now, meaning DATCOs already included in MSCI indexes will stay included as long as they continue to meet existing eligibility requirements.
The index provider acknowledged feedback from institutional investors expressing concern that some digital asset treasury companies resemble investment funds, which are typically excluded from its indexes.
At the same time, MSCI said distinguishing between investment-oriented entities and operating companies that hold digital assets as part of their core business requires further research and market input.
As a result, MSCI said it plans to launch a broader consultation on the treatment of non-operating companies, while deferring any exclusions, additions, or size-related changes for DATCOs in the interim, according to the company announcement.
The move reverses fears that have swirled in financial and crypto markets for months that firms — like Strategy — holding a majority of their assets in Bitcoin and other digital assets could be stripped from widely tracked global equity benchmarks like the MSCI All Country World and Emerging Markets indexes.
The proposal, first announced by MSCI late last year, would have effectively classified DATCOs — public companies with greater than 50 % of assets in digital assets — as fund-like entities rather than operating companies, and thus ineligible for inclusion in its core indices.
That framework had ignited fierce criticism from industry players and advocates.
Strategy and bitcoin industry pushback against MSCI
Strategy — the largest publicly traded Bitcoin treasury company — and other DATCOs had been at the center of the debate.
Strategy formally urged MSCI to scrap the proposal, arguing that excluding firms based on asset composition alone would be “misguided,” “arbitrary,” and could destabilize index neutrality.
In an open letter to the MSCI Equity Index Committee, Strategy stressed that DATCOs are operating companies, not passive funds, and should not be judged solely on balance sheet Bitcoin holdings.
Industry coalitions such as Bitcoin For Corporations also mobilized support, framing the move as discriminatory and warning that exclusion could trigger billions in passive outflows and broader market dislocations.
Analysts had projected potential capital flight of up to $2.8 billion from Strategy alone if MSCI followed through with exclusion, with broader estimates of forced selloffs across crypto treasuries ranging much higher.
The decision ends that uncertainty. It preserves the status of DATCOs within MSCI’s suite of indexes and avoids triggering index-linked passive selling that had loomed as a structural market risk.
Market reaction was swift: shares of digital asset heavyweights including Strategy saw immediate relief buying.
Shares of MSTR jumped over 7% after the news broke in after hours trading.
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