MSCI, a leading index provider, has decided to maintain the eligibility of digital asset treasury (DAT) companies for inclusion in its major indexes. This decision, announced Tuesday, marks the end of a review period that began on October 10, 2025, when MSCI proposed excluding companies with 50% or more of their assets in digital assets like Bitcoin from its Global Investable Market Indexes. The rationale behind the initial proposal was that these firms operate more like funds than traditional businesses.
The announcement triggered immediate market reaction back in October, with Bitcoin experiencing a sharp intraday plunge of roughly $12,000 on the same day, marking the start of a broader price correction. Some awareness grew in late November 2025, when JPMorgan analysts highlighted the risks in a report, estimating $2.8 billion in potential forced selling.
The index provider ultimately opted to keep these companies, including those with substantial Bitcoin holdings like Strategy Inc., within its benchmarks, provided they meet all other index inclusion requirements. Strategy, which holds over $60 billion in Bitcoin, will remain in the firm's global benchmarks for now. Shares in Strategy have increased by 5.7% after MSCI's announcement.
Instead of excluding DAT companies immediately, MSCI will launch a broader consultation that includes a wider group of entities whose business activities are more investment-oriented rather than operational. This broader review aims to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes. MSCI's intention is to measure the performance of operating companies and exclude entities whose primary activities are investment-oriented in nature.
MSCI curates over 246,000 equity indexes daily, with more than $18.3 trillion in assets under management benchmarked to them. These indexes serve as blueprints for funds and portfolios, helping investors gain exposure to specific market segments. Unlike the NASDAQ, which operates as both a stock exchange where companies list and trade and a composite index tracking those listings, MSCI focuses solely on index creation. MSCI's offerings, such as the MSCI World Index covering developed markets, provide broader global and thematic coverage, influencing trillions in investment decisions.
The continued inclusion of DATs in the MSCI Indexes ensures that these companies remain eligible for passive index funds, thereby sustaining demand and liquidity while broadening institutional ownership of digital assets. This decision is significant for the digital asset sector, as it maintains the presence of DATs in major market indexes, potentially influencing the broader acceptance and integration of digital assets within institutional investment portfolios. This development comes as Strategy and most other DATs experienced a decline in their share prices during the latter half of 2025, as the sustainability of such strategies was questioned.
