MSCI Backs Off Crypto Treasury Exclusion: Fears of Forced Selling by DATs Removed, For Now

[Ben Graham]

American Finance giant MSCI (formerly Morgan Stanley Capital International) has announced it will keep crypto-heavy treasury companies in its major stock indexes for 2026. Michael Saylor’s Strategy (MSTR) jumped about +5% after-hours on the news, snapping a rough stretch after its shares slid nearly -48% in 2025. This decision falls between two broader debates about how Wall Street treats companies that hold Bitcoin as a reserve asset.

MSCI is a New York City-based financial powerhouse, acting as the global provider of equity, fixed income, real estate indices, multi-asset portfolio analysis tools, ESG, and climate finance products. The announcement that it will maintain DATs (Digital Asset Treasuries) as part of its stock indexes is significant for crypto and another catalyst for sustaining early market strength in 2026.

is holding steady above $92,000 amid a small pullback after six consecutive green days since 2026 began. The combined crypto market cap is down -1.5%, with BTC and other major caps down between -1% and -6% on the day.

BREAKING: MSCI just announced that it will keep Bitcoin and crypto treasury companies in its indexes.

This was the biggest reason behind the October 10th crash, which wiped out $19 billion in a single day.

This announcement will also end the $MSTR FUD about being forced to… pic.twitter.com/xB7PPoEKVF

— Bull Theory (@BullTheoryio) January 6, 2026

What Are Digital Asset Treasuries (DATS) and Why Do Indexes Matter?

MSCI calls these firms digital asset treasury companies (DATs), which simply means crypto accounts account for at least half of the firm’s holdings. Think of it like a company that keeps most of its cash reserves in Bitcoin or another cryptocurrency, rather than cash.

Indexes matter because they automatically track trillions of dollars. If a stock remains in an index, passive funds must continue to buy it. If MSCI kicked these firms out, funds would have been forced to sell quickly.

Many investors and market analysts had called for a significant unwinding of crypto treasuries if this had come to pass, but MSCI’s decision to keep crypto treasuries in its indexes gives these firms a lifeline.

This is why the October proposal shook markets. According to Reuters, investors feared there could have been up to $10–15Bn in selling pressure if MSCI followed through.

2025 was a huge year for DATs, with many copying the Strategy playbook created by Michael Saylors. Japanese firms such as MetaPlanet have copied almost like-for-like, amassing a large amount of Bitcoin in 2025, while other firms have chosen different assets.

Bitmine and Sharplink Gaming spent 2025 stockpiling Ethereum, while CEA Industries pivoted to become a BNB Treasury. Solana is the second most popular DAT, behind Bitcoin, with CoinGecko listing 18 publicly traded companies that hold SOL as part of their DAT strategy.

(SOURCE: CoinGecko)

DISCOVER: Top Solana Meme Coins to Buy in January 2026 

Why Did MSCI Change Course?

MSCI said investor feedback prompted a pause. Asset managers argued that labeling Bitcoin-treasury firms as funds violates the fundamental principle of passive investing. Indexes are designed to track markets, not to judge individual firms’ strategies.

That pushback came from firms such as Strive Asset Management and heavyweights in digital-asset treasury strategies, including Strategy and the Tom Lee-led Bitmine. Their message was simple. Changing the rules mid-game only creates confusion, hurting everyday investors first and foremost.

MSCI relented and agreed to further study the issue before making a definitive decision. It is a significant win for the crypto industry, as the DATs remain in MSCI’s major stock indexes for at least 2026.

For firms like Strategy, Bitmine, and Sharplink, which all suffered heavy losses in 2025, this ends forced selling for now. Michael Saylor’s Strategy is down -53% YTD (year-to-date), while Bitmine and Sharplink are up in the same timeframe; both saw significant declines throughout 2025.

(SOURCE: Yahoo Finance)

What This Means for Bitcoin and Regular Investors

This is not just about one stock. More than 190 public companies now hold Bitcoin on their balance sheets. Many retail investors gain exposure to BTC without buying it directly, often through index-linked retirement accounts.

Keeping these firms in MSCI indexes maintains a steady flow of institutional capital linked to Bitcoin. That helps dampen sudden shocks. It also supports the broader trend of institutional crypto adoption.

For beginners, this matters because it reduces the risk of surprises. Index changes can hit portfolios without warning. MSCI’s pause reduces that likelihood in 2026.

The Risk Most Headlines Skip: The Worry Isn’t Over

This decision from MSCI isn’t final, and it will continue to review its classification of these companies. There is good reason to believe a tougher rulebook may be introduced later, depending on how DATs perform in 2026.

Bitcoin-heavy firms also move harder than normal stocks. Strategy owns over 673,000 BTC. When Bitcoin declines, the MSTR share price experiences greater volatility than that of TradFi stocks.

If you invest through index funds, this decision helps stability. If you buy these stocks directly, treat them like a Bitcoin proxy. High volatility with no safety net.

MSCI’s pause buys time for Strategy and the dozens of other DATs, but it does not guarantee certainty long-term. The next review will shape how far Bitcoin can travel inside traditional portfolios.

EXPLORE: Best New Cryptocurrencies to Invest in 2026 

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