MSCI decides not to exclude crypto companies from indices and Strategy celebrates

Source: PortaldoBitcoin Original Title: MSCI decides not to exclude crypto companies from indices and Strategy celebrates Original Link: Global index provider MSCI has postponed the decision on a possible change in how it treats companies with significant exposure to cryptocurrencies, maintaining the status quo after a consultation raised questions about classification, balance sheet volatility, and index construction.

The review results were published on Tuesday and covered the so-called digital asset treasury companies (DATCOs, in the English acronym), a category that includes companies whose balance sheets are heavily concentrated in assets like Bitcoin or other crypto assets.

The review “confirmed the concerns of institutional investors that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion” in their indices, the statement said.

The decision currently preserves the eligibility for inclusion in indices of treasury and digital asset infrastructure companies but leaves open how these companies might be treated in global equity benchmarks in the future.

The review also examined whether these companies still fall under the operational business definition for index purposes or if their exposure to assets makes them more similar to investment vehicles, according to existing index rules.

“DATCOs may represent a subset of a broader group of entities whose commercial activities are predominantly investment-oriented rather than operational,” the statement said.

MSCI stated that the consultation results apply to its February 2026 Index Review, confirming that no changes to the treatment of digital asset treasury companies will be implemented in this cycle.

The decision means that DATCOs currently included in MSCI’s global indices will remain eligible during the review, provided they continue to meet all other inclusion requirements.

Strategy shares surge 6.9%

Strategy, a pioneer in the model for digital asset treasury companies, called the decision “a positive outcome for neutral indexing and economic reality.”

MSTR’s shares rose approximately 6.9%, to $168.7, in after-hours trading in New York following MSCI’s postponement.

Last year, Wall Street saw an increase in the number of publicly traded companies adopting crypto treasury strategies, raising funds through equity and debt to accumulate digital assets as reserves on their balance sheets.

What started with Strategy’s aggressive Bitcoin purchases expanded as other companies adopted similar approaches, positioning their corporate balance sheets as vehicles for institutional exposure to cryptocurrencies.

As the trend expanded, these digital asset treasury companies attracted strong investor interest, with some trading at premiums more linked to their token reserves than operational performance. Later that year, these premiums diminished as cryptocurrency volatility increased and concerns about sustainability grew.

The cycle shifted from rapid adoption to reassessment, leaving regulators, index providers, and investors debating whether crypto treasury companies represent a sustainable corporate model or a market-specific phase.