MSCI announced it will keep digital asset treasury companies in its global indexes, citing investor feedback and the need for further study on non-operating firms.
Shares in Michael Saylor’s Strategy rose 5% after Morgan Stanley Capital International (MSCI) decided not to exclude digital asset treasury companies from its market index, for now.
In a note published Tuesday, MSCI said digital asset treasury companies (DATCOs) would, however, be subject to broader consultations to distinguish between investment companies and other companies that hold digital assets as part of their core operations.
”This broader review is intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes, which seek to measure the performance of operating companies and exclude entities whose primary activities are investment-oriented in nature.”
The MSCI identifies DATCOs as companies in which digital assets make up 50% or more of their total assets.
The continued inclusion ensures that DATs are still eligible for passive index funds, sustaining demand and liquidity while broadening institutional ownership of digital assets.
Exclusion could have seen Strategy and other DATs lose billions of dollars in passive capital inflow.
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Strategy, the largest crypto treasury company with 673,783 Bitcoin (BTC), fell 4.1% during Tuesday’s trading hours but rose 5% in after-hours following the news, Google Finance data shows.
Establishing DATs became an increasingly popular institutional trend across 2024 and 2025, though many saw their shares tumble in the back half of 2025 as the sustainability of such strategies was called into question.
More than 190 publicly traded companies hold Bitcoin on their balance sheets, while dozens of others have launched Ether (ETH), Solana (SOL), and other altcoin treasuries over the last 12 months.
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