MSCI, a leading global index provider whose benchmarks are widely followed by investment funds, has decided not to remove Digital Asset Treasury Companies (DATs) from its indexes for now.
In a Tuesday announcement, MSCI said it will pause any exclusions and undertake a broader review of how companies with significant crypto holdings are classified.
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The announcement was closely followed because removing DATs from indexes could have triggered billions in outflows for numerous companies implementing a crypto-heavy model.
On Polymarket, the MSCI announcement caused the odds that MicroStrategy could be delisted by March 31 to plunge sharply, falling from 76% to 3.6% on Wednesday, reflecting market confidence that the company will remain in the indices.
Why MSCI Considered Removing DATs from Its Indexes
Talks about why MSCI might exclude DATs from its Global Investable Market Indexes began after the company raised the possibility last October.
MSCI suggested it could exclude companies whose digital asset holdings make up 50% or more of total assets. The reasoning cited investor concerns that DATs behave similarly to investment funds, which are not eligible for inclusion in MSCI Indexes.
“Feedback also highlighted that DATCOs may represent a subset of a broader group of companies whose activities are primarily investment-oriented rather than operational,” the company said.
Index Changes Could Upend 39 Major Digital Asset Firms
MSCI’s proposal to exclude Digital Asset Treasury Companies could affect 39 firms with a total float-adjusted market capitalization of $113 billion, including 18 current index constituents with $98 billion at stake and 21 non-constituents representing $15 billion.
Most of the exposure is in the United States, with 24 companies accounting for 92% of the capital at risk, including major names such as Strategy (MicroStrategy), Sharplink Gaming, Riot Platforms, and Marathon Digital Holdings.
Strategy alone represents $84.1 billion, or 75%, of the market capitalization under review. If implemented in February 2026, the proposal could trigger significant forced selling, increase tracking error, and raise questions about the consistency of MSCI’s methodology.
Why This Matters
MSCI indexes guide billions of dollars in investor flows. Excluding crypto-heavy DAT firms could have forced massive selling and disrupted markets for 39 major digital asset companies, potentially triggering $113 billion worth of assets in forced selling.
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People Also Ask:
MSCI is a leading global index provider whose benchmarks are widely followed by investment funds. Its indexes track the performance of publicly traded companies and guide billions in investor flows.
DATs are companies that hold significant amounts of digital assets, like Bitcoin, on their balance sheets as part of their treasury strategy, rather than purely for operational business activities.
MSCI raised the possibility of exclusion because investor feedback suggested that companies with very high digital asset holdings might behave like investment funds, which are generally ineligible for MSCI indexes.
MSCI has paused the exclusion plan and will conduct a broader review of how companies with significant digital asset holdings are classified, preserving current index access for DATs.
