MSCI has dropped a plan that would have kicked so called digital asset treasury companies out of its equity indexes, opting instead for a wider rethink on how it treats firms that hold large pools of non operating assets such as Bitcoin.
The index provider said on Tuesday it will keep the current approach for companies on its preliminary list of Digital Asset Treasury Companies, a label it uses for firms whose digital asset holdings make up 50% or more of total assets.
That decision keeps Strategy in MSCI’s global benchmarks for now, a key point for a stock that sits in the path of passive money. Strategy shares rose about 6% in after-hours trading after the update, even after a 47.5% slide in 2025.
Strategy cheered the outcome in an X post saying, “MSCI confirmed Digital Asset Treasury Companies will remain in MSCI Indexes for the Feb 2026 review. A strong outcome for neutral indexing and economic reality.”
MSCI Seeks Clearer Criteria For Companies Holding Crypto Assets
MSCI said it heard from investors who worry that some DATCOs look and behave like investment funds, which generally do not qualify for inclusion in its equity benchmarks.
“Distinguishing between investment companies and other companies that hold non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes requires further research and consultation with market participants,” MSCI said.
The firm added that it may need new yardsticks to judge eligibility, including measures based on financial statements and other indicators, as it broadens the review beyond crypto treasury names.
Index Methodology Rethink Buys Time For Digital Asset Treasury Firms
The rethink matters because index rules can force hands. When MSCI first floated the exclusion idea in late 2025, analysts and market participants warned it could trigger $10B to $15B of selling across dozens of listed crypto treasury firms, depending on how much passive capital tracks the affected benchmarks.
Strategy pushed back hard. In a Dec. 10 letter signed by executive chairman Michael Saylor and chief executive Phong Le, the company called the proposal “misguided” and warned it could have “profoundly harmful consequences” for capital markets and US digital asset leadership.
Wall Street analysts had also tried to quantify the hit. JPMorgan previously estimated that passive outflows tied to MSCI alone could reach about $2.8B for Strategy if MSCI forced index trackers to divest.
MSCI had originally planned to publish conclusions from its consultation by mid Jan. 2026, with any changes landing in the Feb. 2026 index review.
Tuesday’s reversal keeps the status quo in place while the firm opens a broader conversation about non operating company classifications.
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