MSCI Delays Crypto Treasury Company Exclusion Decision, Strategy Shares Rise

MSCI has decided not to exclude digital asset treasury companies (DATCOs) from its global equity indexes as part of the February 2026 Index Review. The index provider announced the decision, which was welcomed by companies like Strategy, whose stock rose over 6% in after-hours trading.

The decision follows a public consultation and feedback from investors and market participants. MSCI acknowledged the complexity of defining how companies holding large amounts of non-operating assets should be treated within its index framework.

MSCI stated it would maintain the current inclusion rules for DATCOs for now but plans to conduct a broader review of the treatment of non-operating companies in the future.

Why Did This Happen?

The initial proposal in October 2025 aimed to exclude companies where digital assets made up more than 50% of total assets. This move was based on the argument that such firms resembled investment vehicles rather than operating businesses.

However, the consultation period revealed significant concerns. Investors and firms argued that DATCOs, such as Strategy, are operating businesses that hold digital assets as part of their strategic treasury management. This argument was emphasized.

MSCI recognized the need for further consultation to better define the criteria for index eligibility and the distinction between operating companies and investment-oriented entities. According to analysis, this will help establish clearer boundaries.

How Did Markets React?

Strategy shares surged over 6% in after-hours trading following the announcement. The company has been a vocal advocate for its continued inclusion in major indexes like the MSCI USA and MSCI World. This inclusion is significant.

Analysts had previously warned that a removal could trigger up to $15 billion in forced selling pressure from index-tracking funds. This concern was noted. The delay provides immediate relief for Strategy and other DATCOs. This outcome was welcomed.

The decision also benefits the broader crypto market. The inclusion of DATCOs in global indexes increases demand for cryptocurrencies like Bitcoin, potentially supporting price stability and adoption. This market effect is expected to drive long-term growth.

What Are Analysts Watching Next?

MSCI has announced a broader consultation to be conducted in the lead-up to the February 2026 Index Review. This process will examine how to classify companies with non-operating assets in general.

Industry groups like Bitcoin for Corporations have already engaged with MSCI to educate on the business model of DATCOs. They argue these firms are operating entities that use digital assets as part of their treasury strategy. This business model is fundamental to their operations.

Analysts will be watching for updates from MSCI on the criteria for future index eligibility. The outcome could have significant implications for capital flows and corporate behavior in the crypto space. According to market analysis, this decision could reshape industry dynamics.

The decision to delay action also allows for further evolution in crypto accounting standards and regulatory clarity. These developments may shape how DATCOs are treated in the future.

Investors are advised to monitor the February 2026 review closely. The final decision could determine whether DATCOs remain in MSCI benchmarks or face potential exclusion. This remains a key watch.