MSCI has confirmed that Digital Asset Treasury Companies, also known as DATCOs, will remain part of the MSCI Global Investable Market Indexes during the February 2026 review. This means companies that hold large digital asset positions will continue to stay in the indexes, as long as they meet other inclusion rules.
However, MSCI also said it will launch a broader consultation to review how non-operating companies are treated. The goal is to ensure that the indexes mainly reflect real operating businesses, and not entities that act more like investment funds.
Why MSCI paused the exclusion plan
Some institutional investors raised concerns that certain DATCOs behave like investment funds, which normally are not eligible for index inclusion.
At the same time, MSCI noted that many companies hold digital assets as part of their business strategy, not just as investments making the decision more complex.
MSCI said more research is needed to better separate investment-driven companies from those using digital assets within core operations. Future rules may include stronger financial disclosure requirements or new eligibility filters.
What stays unchanged for now
- DATCOs already in the index will stay in, if they meet all other requirements.
- No increases to Number of Shares, Foreign Inclusion Factor, or Domestic Inclusion Factor.
- No additions or size upgrades for companies on the preliminary DATCO list.
- The list may be updated as companies change their digital asset disclosures.
According to MSCI, this temporary approach helps maintain index stability while they continue gathering feedback from global market participants.
What investors should watch next
The upcoming broader consultation could reshape how digital-asset heavy companies are classified in future index reviews. Any major rule change may affect index weightings and flows, especially for funds benchmarked to MSCI indexes.
