Global index provider MSCI has deferred a decision on whether to change how it treats companies with significant digital asset exposure, maintaining the status quo after a consultation that raised questions around classification, balance sheet volatility, and index construction.
Its review “confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion,” for its indices, the statement reads.
The decision preserves index eligibility for digital-asset treasury and infrastructure firms for now, but leaves open how such companies may ultimately be treated in global equity benchmarks.
It also examined whether those companies still meet the definition of operating businesses for index purposes, or whether their asset exposure makes them more closely resemble investment vehicles under existing index rules.
“DATCOs may represent a subset of a wider group of entities whose business activities are predominantly investment-oriented rather than operational,” the statement reads.
MSCI said the consultation results apply to its February 2026 Index Review, confirming that no changes to the index treatment of digital asset treasury companies will be implemented in that cycle.
The decision means DATCOs currently included in MSCI’s global indexes will remain eligible through the review, provided they continue to meet all other inclusion requirements.
What began with Strategy’s aggressive Bitcoin buying broadened as other firms pursued similar approaches, positioning corporate balance sheets as a vehicle for institutional crypto exposure.
The cycle shifted from rapid adoption to reassessment, leaving regulators, index providers, and investors debating whether crypto treasury firms represent a lasting corporate model or a market-specific phase.
