MSCI has decided not to exclude Bitcoin (BTC) and crypto treasury companies from its global equity benchmarks, a move that immediately lifted shares of Strategy, which rose more than 4% and traded around the $170 level following the announcement. In a statement released late Tuesday, MSCI said it will not proceed with a proposal to remove so-called digital asset treasury companies from the MSCI Global Investable Market Indexes as part of its February 2026 index review.
The decision follows months of consultation with institutional investors over whether companies whose balance sheets are dominated by Bitcoin holdings should remain eligible for inclusion.
The outcome removes a near-term overhang for firms such as Strategy, whose equity performance and index eligibility have become increasingly linked to their bitcoin exposure.
MSCI Pauses Exclusion, Maintains Current Treatment
MSCI said it will keep the existing index treatment for digital asset treasury companies, referred to as DATCOs, for now.
Firms already included in MSCI indexes will remain eligible provided they continue to meet all other index requirements.
At the same time, MSCI said it will not increase key index factors such as the number of shares or inclusion factors for these securities, and it will defer new additions or size-segment migrations tied to companies on its preliminary DATCO list.
That list includes firms whose disclosed digital asset holdings represent 50% or more of total assets.
Also Read: Coinbase: Quantum Computers Could Compromise 6.51M Bitcoin, One-Third Of Total Supply The index provider added that it may update the list if companies revise disclosures related to their digital asset holdings.
Institutional Concerns, Broader Review Ahead
MSCI acknowledged that feedback from investors highlighted concerns that some Bitcoin treasury firms resemble investment vehicles rather than operating companies, which traditionally are not eligible for inclusion in MSCI’s equity benchmarks.
However, the firm said distinguishing between investment-oriented entities and operating companies that hold digital assets as part of their core business requires additional analysis.
As a result, MSCI plans to open a broader consultation on the treatment of non-operating companies more generally, rather than singling out crypto treasury firms at this stage.
The consultation had drawn significant attention from market participants because exclusion from MSCI indexes could have triggered forced selling by passive funds and index-tracking strategies, particularly for high-profile Bitcoin holders.
Market Reaction Focuses On Strategy
The immediate market response centered on Strategy, one of the most visible corporate holders of Bitcoin.
Shares climbed more than 4% after the announcement and changed hands near $170, reflecting relief that the company’s index status will remain intact, at least through the upcoming review.
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