Global index provider MSCI has decided to keep digital asset treasury companies (DATCOs) in its global equity indexes for at least another review cycle. The move avoids an immediate sell-off among index-tracked funds but sets the stage for a tougher debate on how to classify companies with balance sheets dominated by digital assets such as Bitcoin.

MSCI pauses exclusion plan but maintains restrictions

In an announcement issued on Tuesday, January 6, 2026, MSCI stated that it would not implement a proposal to exclude DATCOs from the MSCI Global Investable Market Indexes as part of the February 2026 review. The firm described this as a temporary measure, clarifying that it intends to hold a broader consultation focused on "non-operating companies generally."

" MSCI has determined at this time not to implement the proposal to exclude digital asset treasury companies ("DATCOs") from the MSCI Global Investable Market Indexes ("MSCI Indexes") as part of the February 2026 Index Review."

According to MSCI, feedback from institutional investors revealed that some DATCOs exhibit characteristics similar to investment funds rather than traditional operating businesses. That distinction remains central to index construction. MSCI indexes are designed to measure the performance of companies that conduct ongoing business operations, not pure investment entities.

"Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes."

For the time being, DATCOs already included in the indexes will remain, as long as they continue to meet other standard eligibility requirements. However, MSCI confirmed several restrictions. It will not make adjustments to the Number of Shares, Foreign Inclusion Factor, or Domestic Inclusion Factor for these securities. It will also defer any additions or size-segment migrations.

In effect, these limits freeze the index exposure of current DATCO constituents and reduce the probability of future inflows driven by passive index rebalancing.

Institutional reaction reflects split sentiment

The announcement quickly drew strong reactions across markets and social platforms. Strategy, known as the largest digital asset treasury firm and a key holder of more than 670,000 Bitcoin, welcomed the MSCI ruling.

“MSTR will remain in MSCI indexes,” Michael Saylor, Strategy’s executive chair, said after the decision. According to the company, the outcome represents a win for neutral indexing and economic reality, preventing unnecessary disruption for both investors and index providers.

Investor Zynx also commented on X that fears of a massive forced sell-off were overstated.

“Many big accounts were talking about a doom loop and billions of dollars of stock being sold,” the investor said. “We can put this behind us and continue to build on a strong start to 2026.”

Broader implications for index classification

Analyst Finch observed that the freeze on share count and inclusion adjustments means new issuance will not trigger additional passive buying by index funds, removing a key supportive factor for such stocks.

In its statement, MSCI said it intends to deepen its evaluation of how non-operating companies should be treated.

“This broader review is intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes, which seek to measure the performance of operating companies and exclude entities whose primary activities are investment-oriented in nature,” the firm noted.

MSCI confirmed that further criteria, including financial-statement-based indicators, could become part of future inclusion assessments. The review will also aim to define clearer boundaries between firms that hold digital assets for strategic purposes and those functioning more as investment vehicles.

For now, companies such as Strategy retain their positions within MSCI’s global benchmarks, but their long-term classification remains uncertain. The decision has provided a temporary sense of stability in equity markets while keeping attention focused on the evolving intersection of corporate structure, digital assets, and index methodology.

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