Overview
- MSCI said companies on its preliminary list of digital asset treasury companies will retain their current index status for the February 2026 review.
- Shares of Strategy rose roughly 6% after the announcement, with smaller gains in other DATCO stocks reported by multiple outlets.
- MSCI cited investor feedback that some DATCOs resemble investment funds and said further research is needed to distinguish them from operating firms.
- Operational guardrails are in place during the review, including a freeze on increases to index share counts or inclusion factors and potential deferrals of additions or size upgrades.
- Analysts had warned of sizable passive outflows if exclusions proceeded, including a J.P. Morgan estimate of about $2.8 billion for Strategy alone.