#MSCI未来或纳入数字资产财库企业 The global index provider MSCI has suddenly hit the pause button.

The recently announced decision: In the February 2026 quarterly review, digital asset treasury companies (DATCOs) will not be removed from the global index for now. This is undoubtedly a relief for listed companies heavily holding Bitcoin, such as Strategy — the originally planned forced sell-off could have triggered billions of dollars in passive fund outflows.

The stock price immediately responded to this news. Strategy's stock jumped over 6% after hours.

But this isn't a free lunch. MSCI also threw out a lethal move: the circulating share count of these companies in the index will be completely frozen. What does that mean? Future new share issuances won't be automatically included in the index weights. The old logic of "new issuance → automatic inclusion in the index → passive fund buying → financing cycle" is now broken.

A chain reaction is emerging —

In the short term: it avoids the risk of forced liquidation, giving companies a chance to breathe.

In the long term: the financing capacity for Bitcoin procurement will significantly shrink, forcing companies back to focus on their fundamental operations.

Structurally: Compared to this, simple and direct tools like spot Bitcoin ETFs are becoming more competitive, and they might attract some of the funds that were originally allocated to DATCOs stocks.

MSCI also stated that the definition of "non-operating companies" will continue to go through market consultation processes. The battle over how to integrate crypto assets into the traditional financial system is far from over.