Digital Asset Developments in Q4 2025: MSCI, Ledgible, and Market Trends

MSCI has decided not to exclude digital asset treasury companies from its global benchmarks, following a review of investor feedback. The firm will instead conduct a broader consultation on how non-operating companies should be treated. This decision means that companies like Strategy will remain in the index for the February 2026 review. MSCI cited concerns from investors about the similarity between DATCOs and investment funds, highlighting the need for more clarity in index eligibility.

In a separate development, Ledgible has joined forces with Ownera to provide institutional-grade digital asset reporting services. The partnership enables financial institutions to access tax, accounting, and regulatory reporting across the Ownera FinP2P network. This collaboration supports institutional compliance with evolving regulatory standards and offers real-time reporting capabilities. The integration is expected to benefit financial institutions processing over $5 billion in monthly trading volume.

South Korea experienced significant crypto outflows in 2025, with over $110 billion transferred to foreign exchanges. This was driven by domestic regulatory restrictions, including limitations on derivative trading and leverage. The delay in implementing the Digital Asset Basic Act created a regulatory vacuum, prompting investors to seek opportunities abroad. These outflows highlight the challenges faced by domestic exchanges in competing with foreign platforms offering more flexible products.

Why Did This Happen?

MSCI's decision reflects the complexity of categorizing companies that hold digital assets as part of their core operations. Investors raised concerns about potential misclassification, as some DATCOs share characteristics with investment funds. MSCI aims to clarify inclusion criteria, such as financial-statement-based indicators, to ensure accurate representation

.

The partnership between Ledgible and Ownera stems from the increasing need for standardized reporting in the institutional digital asset space. Financial institutions require auditable data and compliance tools to meet evolving regulatory expectations. Ownera's SuperApps Platform allows for seamless integration of specialized applications without overhauling core infrastructure.

South Korean investors moved large sums of crypto to foreign platforms due to restrictive domestic rules. The absence of a comprehensive regulatory framework left investors with fewer options for complex trading strategies. The delayed implementation of the Digital Asset Basic Act further exacerbated the situation.

How Did Markets React?

Shares of Strategy rose approximately 6% in after-hours trading following MSCI’s announcement. However, the stock had previously fallen 47.5% in 2025, reflecting broader market volatility.

The partnership with Ownera was viewed as a strategic move by Ledgible to expand its institutional reach. Kell Canty, CEO and Co-founder of Ledgible, stated that the collaboration addresses key operational needs for institutions scaling digital asset activities.

South Korean crypto outflows have not yet triggered a direct market response in terms of equity prices. However, the regulatory environment continues to shape investor sentiment and capital flows .

What Are Analysts Watching Next?

Analysts are closely monitoring how MSCI’s consultation on DATCOs will shape index composition. The firm’s final criteria could influence the inclusion of digital asset-related companies in major benchmarks.

The expansion of institutional reporting tools through partnerships like the one between Ledgible and Ownera is seen as a positive development for compliance and transparency. As digital asset activity grows, the demand for robust reporting infrastructure will likely increase.

In South Korea, the implementation timeline for the Digital Asset Basic Act is under scrutiny. A timely regulatory framework could reverse the current outflow trend and attract institutional investors back to domestic exchanges.

The U.S. administration, including President Donald Trump, has expressed support for creating clear and simple crypto frameworks. This includes initiatives like the GENIUS Act for stablecoin regulation and the proposed creation of a national bitcoin reserve. Analysts will be watching how these policies evolve and their potential impact on market participation.