MSCI’s decision to keep digital asset treasury companies in its global benchmarks lifted a major overhang for crypto-linked stocks, easing index risk fears and stabilizing capital flow expectations across equity and digital asset markets.
MSCI Keeps Digital Asset Treasury Firms in Global Indexes
A key benchmark decision eased uncertainty across equity and crypto-linked markets. MSCI Inc. (NYSE: MSCI), a global provider of equity indexes and analytics, confirmed on Jan. 6 that it will keep digital asset treasury companies within its global benchmarks following an investor consultation.
The announcement states:
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.
Feedback collected from institutional investors reflected concern that some digital asset treasury companies exhibit characteristics similar to investment funds, which are not eligible for index inclusion. Responses also indicated that these firms may represent only one segment of a broader universe of non-operating, investment-oriented entities.
MSCI indicated that additional analysis is required to differentiate between companies holding digital assets as part of operating activities and those whose primary purpose is asset investment. The disclosure also clarifies: “For the time being, the current index treatment of DATCOs identified in the preliminary list published by MSCI of companies whose digital asset holdings represent 50% or more of their total assets will remain unchanged.”
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The decision follows a proposal introduced in late 2025 that aimed to preserve index purity by excluding companies with more than half of their total assets held in cryptocurrencies, citing concerns that crypto price could distort benchmark risk profiles. That proposal intensified focus on firms such as Strategy (Nasdaq: MSTR), whose balance sheet strategy centers on large holdings. Equity analysts estimated that removal from major benchmarks could have triggered up to $2.8 billion in forced outflows from passive investment vehicles, threatening valuation dynamics often described as the “Saylor Flywheel.”
By maintaining existing eligibility, MSCI effectively removed a structural overhang and improved visibility for index-linked capital flows, supporting the potential for a relief-driven rebound in crypto-exposed equities. The firm emphasized continued monitoring rather than retrenchment, noting, “MSCI may update the preliminary list as necessary to reflect relevant changes in company disclosures related to digital asset holdings,” as it refines its framework to ensure long-term consistency with index objectives.
FAQ 🧭
- Why is MSCI’s decision on digital asset treasury companies important for investors? By keeping DATCOs in its global benchmarks, MSCI removed a major source of index-related uncertainty that could have driven forced selling and in crypto-exposed equities.
- How does this impact companies like Strategy (MSTR)? Continued index inclusion helps protect companies with large holdings from potential billions in passive fund outflows that could have pressured valuations.
- What risk did MSCI avoid by not excluding DATCOs? MSCI avoided disrupting benchmark risk profiles and capital flows while it further analyzes how to distinguish operating companies from crypto-focused investment vehicles.
- What should investors expect next from MSCI regarding digital asset exposure? Investors should expect ongoing monitoring and possible future framework updates, but no immediate changes to index eligibility ahead of the February 2026 review.
Author: Kevin Helms
Source: Bitcoin
Reviewed By: Editorial Team
