Global Index Maker MSCI Defers Decision on Dropping Crypto-Focused Companies

In brief

• MSCI said it will not change the index treatment for digital-asset treasury companies in its February 2026 review.
• Initial consultation flagged investor concerns that some DATs appear to be investment vehicles rather than operating firms.
• Shares of Strategy rose after the decision eased the near-term risk of forced index-driven selling.

Global index provider MSCI has deferred a decision on whether to change how it treats companies with significant digital asset exposure, maintaining the status quo after a consultation that raised questions around classification, balance sheet volatility, and index construction. Results of the review published Tuesday covered so-called digital asset treasury companies, or DATCOs, a category that includes firms whose balance sheets are heavily weighted toward holdings such as Bitcoin or other crypto assets. Its review “confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion,” for its indices, the statement reads. 

The decision preserves index eligibility for digital-asset treasury and infrastructure firms for now, but leaves open how such companies may ultimately be treated in global equity benchmarks. It also examined whether those companies still meet the definition of operating businesses for index purposes, or whether their asset exposure makes them more closely resemble investment vehicles under existing index rules. “DATCOs may represent a subset of a wider group of entities whose business activities are predominantly investment-oriented rather than operational,” the statement reads. MSCI said the consultation results apply to its February 2026 Index Review, confirming that no changes to the index treatment of digital asset treasury companies will be implemented in that cycle.

The decision means DATCOs currently included in MSCI’s global indexes will remain eligible through the review, provided they continue to meet all other inclusion requirements. Strategy, which pioneered the model for digital asset treasury companies, called the decision “a strong outcome for neutral indexing and economic reality.” Shares of MSTR climbed roughly 6.9% to $168.7 in after-hours trading following the MSCI deferral, per Yahoo Finance data. Last year, Wall Street saw a surge in public companies adopting crypto treasury strategies, raising equity and debt to accumulate digital assets as balance-sheet reserves. What began with Strategy’s aggressive Bitcoin buying broadened as other firms pursued similar approaches, positioning corporate balance sheets as a vehicle for institutional crypto exposure. As the trend expanded, these digital asset treasury companies attracted strong investor interest, with some trading at premiums tied more to token holdings than operating performance. Later in the year, those premiums narrowed as crypto volatility and sustainability concerns set in. The cycle shifted from rapid adoption to reassessment, leaving regulators, index providers, and investors debating whether crypto treasury firms represent a lasting corporate model or a market-specific phase.