MSCI Confirms DATCOs Will Remain in Indexes Through February 2026 Review

TLDR

• MSCI decided not to exclude digital asset treasury companies from its Global Investable Market Indexes.
• Existing DATCOs will remain included if they continue to meet standard index eligibility requirements.
• MSCI will defer share increases, inclusion factor changes, and size-segment movements for DATCOs.
• The decision followed investor feedback raising concerns about DATCOs resembling investment funds.
• MSCI plans a broader consultation on non-operating companies to refine future index treatment.

MSCI has announced it will not exclude digital asset treasury companies (DATCOs) from its Global Investable Market Indexes. The decision came after a formal consultation process with market participants and institutional investors. DATCOs will remain in the indexes under current eligibility rules, with adjustments and additions placed on hold.

MSCI Maintains Inclusion of Digital Asset Treasury Companies

MSCI stated that existing DATCOs will continue in the indexes if they meet ongoing eligibility and inclusion requirements. The index provider said, “MSCI has determined at this time not to implement the proposal to exclude digital asset treasury companies.”

It also confirmed that it will defer increases to the Number of Shares, Foreign Inclusion Factor, and Domestic Inclusion Factor for DATCOs. The company will not add new DATCOs or move them between size segments during this period. These decisions apply to companies on MSCI’s preliminary list, where digital assets represent at least 50% of total assets.

The index firm may update the list as companies change their digital asset disclosures. MSCI explained that investor feedback raised concerns about DATCOs resembling investment funds, which are generally excluded. It emphasized the complexity in separating operating businesses from investment-focused entities holding digital assets.

Broader Review of Non-Operating Entities Planned

MSCI intends to begin a broader consultation on non-operating companies to align with the objectives of its indexes. It noted that inclusion may require new financial or operational criteria to distinguish business models. “Distinguishing between investment companies and others requires further research and consultation,” MSCI said in its announcement.

This broader process will address inconsistencies in how companies holding non-operating assets, such as digital tokens, are treated. The firm aims to ensure the indexes focus on operating companies with ongoing commercial activities.

Until further updates are issued, the current approach for DATCOs will stay in place. MSCI confirmed it may revise company classifications as more data becomes available. The index provider will reassess criteria as part of the larger consultation process starting this year.

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