Global index provider MSCI has announced its decision against excluding digital asset treasury companies (DATCOs) from its flagship indexes, a move that significantly impacts Bitcoin-focused corporations and the broader digital asset ecosystem. Following a comprehensive review, MSCI stated that the current treatment of these companies will remain unchanged, meaning DATCOs already included in MSCI indexes will retain their status as long as they continue to meet existing eligibility requirements.

The review was prompted by feedback from institutional investors who raised concerns that some digital asset treasury companies might resemble investment funds, which are typically excluded from MSCI's indexes. However, MSCI acknowledged that distinguishing between purely investment-oriented entities and operating companies that strategically hold digital assets as part of their core business requires more extensive research and market input. Consequently, MSCI plans to launch a broader consultation on the treatment of non-operating companies, while deferring any immediate exclusions, additions, or size-related adjustments for DATCOs.

This decision alleviates months of uncertainty that had gripped financial and crypto markets. Previously, fears were widespread that firms, such as Michael Saylor's Strategy, which hold a majority of their assets in Bitcoin and other digital assets, could be removed from widely tracked global equity benchmarks like the MSCI All Country World and Emerging Markets indexes. The initial proposal, announced by MSCI late last year, suggested classifying DATCOs – defined as public companies with over 50% of assets in digital assets – as fund-like entities rather than operating companies, thus making them ineligible for inclusion in core indices. This framework had drawn significant criticism from industry participants and advocates.

A notable proponent of the industry's stance was Strategy, the largest publicly traded Bitcoin treasury company, which formally urged MSCI to reconsider. Strategy argued in an open letter to the MSCI Equity Index Committee that excluding firms based solely on asset composition would be