MSCI Retains Crypto Treasury Firms in Indexes Following Investor Input
MSCI has decided to maintain the inclusion of digital asset treasury companies in its indexes, citing the need for further evaluations and feedback from investors.
MSCI has determined to keep digital asset treasury companies in its global indexes due to feedback from investors and the requirement for further assessments concerning non-operating entities.
In a notice released on Tuesday, MSCI stated that digital asset treasury companies (DATCOs) will be further evaluated to differentiate between investment firms and other companies that incorporate digital assets as part of their fundamental functions.
“This extensive review aims to maintain alignment with the overarching goals of the MSCI Indexes, which strive to evaluate the performance of operational firms while excluding entities primarily focused on investments.”
The MSCI classifies DATCOs as companies where digital assets comprise 50% or more of their total assets.
Maintaining inclusion guarantees that DATs remain eligible for passive index funds, supporting continued demand and liquidity and expanding institutional investment in digital currencies.
Exclusion might have resulted in significant capital outflow for Strategy and other DATs.
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Source: Matthew Sigel
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Strategy, the leading crypto treasury firm with 673,783 Bitcoin (BTC), saw its shares dip by 4.1% during regular trading hours on Tuesday, but surged by 5% in the after-hours period following this announcement, according to data from Google Finance.
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MSTR’s stock fluctuation on Tuesday. Source: Google Finance
The formation of DATs has gained traction among institutions throughout 2024 and 2025, despite numerous firms experiencing declines in share prices during the latter half of 2025 as the sustainability of these strategies faced scrutiny.
More than 190 publicly listed companies currently hold BTC on their balance sheets, while many others have initiated treasuries consisting of Ether (ETH), Solana (SOL), and various altcoins over the past year.
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