MSCI Keeps Digital Asset Treasury Firms in Its Indexes

Index fund manager Morgan Stanley Capital International (MSCI) has confirmed that digital asset treasury companies remain eligible for index inclusion. Companies holding more than 50% of their assets as digital assets faced an uncertain future ahead of MSCI's February 2026 Index Review.

What's the Scoop?

• No Change: MSCI has decided not to exclude digital asset treasury companies from its "Global Investable Market Indexes" as part of the index manager's "February 2026 Index Review" process.
• JPM FUD: Potential DAT delisting consequences came to the forefront of the crypto industry's consciousness in November, when analysts for JPMorgan warned that Strategy (MSTR) was a prime candidate for index delisting, flagging an October 10 announcement from MSCI that sought feedback on whether DATs should remain in its index products.
• Continued Uncertainty: While MSCI's treatment of digital asset treasuries will go unchanged for the time being, the DAT debate has incited a broader discussion at MSCI about the role of non-operating/investment-oriented companies in its indexes. MSCI has pledged to seek further feedback on how such companies should be treated.