MSCI decides to maintain the status quo: BTC DAT company has not yet been removed from the index, market welcomes a breather?

Morgan Stanley Capital International (MSCI) recently announced that it will not proceed with the recommendation to exclude digital asset holding companies from its global equity indices.

This preliminary decision means that companies like Strategy Inc., which hold significant amounts of Bitcoin, will remain in MSCI’s global benchmark indices at least until the next review in February 2026.

Following the announcement, Strategy’s stock price rose approximately 6% in after-hours trading.

01 Core Decision

One of the world’s most important index providers, MSCI, has sent a key signal. The company announced that it will maintain its current rules and will not exclude digital asset holding companies from its global equity indices in the February 2026 assessment.

MSCI defines DATCO as “companies with digital asset holdings accounting for 50% or more of total assets.”

This decision is a response to a market consultation conducted last October. The consultation had proposed excluding such companies, which caused widespread concern in the market.

MSCI stated that it will initiate a broader consultation in the future to explore how to better handle companies that primarily hold non-operational assets, such as digital assets.

02 The “Iceberg” of Market Avoidance

MSCI’s pause is generally seen as a short-term positive by the market. Its core value lies in avoiding an imminent, large-scale forced sell-off.

Industry analysts suggest that if MSCI insists on removing DATCO companies, it could trigger large-scale rebalancing by passive funds tracking its indices, with potential sell-offs reaching $10 billion to $15 billion.

Boosted by this news, Strategy Inc., which is at the eye of the storm, saw its stock price rise about 6% to 7% in after-hours trading.

Strategy also responded on social platform X, calling this “a major victory for neutral index construction and economic reality.”

03 The Game and Concerns Behind the Decision

MSCI’s initial concern was that some DATCO companies’ business models are closer to investment funds rather than traditional operating companies.

Analysts pointed out that one of the direct reasons for triggering this review was recent actions by companies like Metaplanet, which raised funds by issuing preferred shares to buy Bitcoin, further reinforcing their image as “investment tools.”

Since MSCI released its consultation document on October 10, 2025, the market has priced in this risk. For example, Strategy’s stock price has fallen approximately 40% during this period.

An opposition letter signed by over 1,500 industry professionals was submitted to MSCI, arguing that its proposal “fails to reflect the actual operational models of these enterprises.”

04 The Unresolved Future

Although the short-term crisis has been temporarily alleviated, the long-term status of DATCO companies in mainstream financial indices remains uncertain. MSCI has postponed the issue to its next quarterly review in February 2026 and promised to conduct broader consultations.

At that time, MSCI will focus on how to distinguish investment companies from other companies that “hold non-operational assets as a core business.”

This broader review could set new, more complex inclusion standards in the future, such as incorporating evaluation criteria based on financial statements or other indicators.

This incident also highlights the lag and challenges faced by traditional financial markets in classifying and evaluating new asset types like cryptocurrencies.

05 Bitcoin and Market Immediate Reactions

The cryptocurrency market has remained relatively stable following MSCI’s announcement. As of the latest data on January 7, 2026, Bitcoin’s price fluctuates around $92,515.55.

This price level has not experienced drastic fluctuations compared to before the announcement, indicating that the market has largely priced in the positive expectations in advance.

For users of trading platforms like Gate, MSCI’s decision has temporarily stabilized the sentiment around “Bitcoin concept stocks” represented by Strategy.

This may provide a clearer and more stable macro policy environment for trading related digital assets and stocks, reducing the risk of sudden liquidity shocks caused by index rebalancing.

Future Outlook

For investors, this event is not the end. MSCI’s decision brings short-term stability but also clarifies the future direction of review.

Companies like Strategy, whose stock prices are deeply tied to Bitcoin’s price, will continue to be directly affected by Bitcoin’s subsequent movements. As of January 7, Bitcoin’s price on Gate is approximately $92,515.55, and its future trend will continue to impact the asset value and index evaluation of these DATCO companies.

The next broader consultation results will determine whether these “whale” digital asset companies can continue to remain at the core of the mainstream financial world.