MSCI has decided not to exclude Digital Asset Treasury Companies (DATCOs) from its Global Investable Market Indexes during the February 2026 index review, opting to maintain the current treatment of these firms following investor feedback.
The decision offers immediate relief to affected companies, including Strategy Inc. (formerly MicroStrategy), whose shares rose by approximately 6% in after-hours trading after the announcement.
What Qualifies as a DATCO
According to MSCI, a Digital Asset Treasury Company is defined as a firm whose digital asset holdings, such as Bitcoin, represent 50% or more of total assets on its balance sheet. This classification has become increasingly relevant as more public companies adopt crypto-focused treasury strategies.
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. Thank you to our investors and the $BTC community.
— Strategy (@Strategy) January 6, 2026
Why MSCI Considered Exclusion
The initial proposal to remove DATCOs from standard equity indexes followed feedback from some investors who argued that certain companies with dominant digital asset holdings function more like investment vehicles than operating businesses. Under current index rules, investment funds are typically ineligible for inclusion in traditional equity benchmarks.
No Immediate Changes, Broader Review Ahead
Rather than moving forward with an immediate exclusion, MSCI said it will launch a broader consultation focused on how non-operating companies should be treated across its index framework. The aim is to develop more consistent and durable criteria that can be applied beyond just DATCOs.
Status Quo Preserved, With Limitations
For now, existing DATCOs will remain eligible for MSCI indexes, provided they continue to meet standard inclusion requirements. However, MSCI has placed temporary constraints on these companies:
- No increases to index weightings
- No inclusion factor adjustments
- No size-segment reclassifications
These limitations will remain in effect until the broader review process is completed.
Market Impact
By maintaining the current framework, MSCI avoids forcing index-driven selling and reduces near-term uncertainty for investors with exposure to crypto-heavy public companies. The move signals a cautious but flexible approach as digital asset treasury strategies continue to intersect with traditional equity markets.
