Global index giant MSCI announced on January 6 that it will not move forward with the proposal to remove digital asset treasury companies from its global investable market indices.
This decision directly benefits digital asset treasury firms led by Strategy, whose stock surged about 6% in after-hours trading.
For DAT companies, this move lifts the "Sword of Damocles" that had been hanging over them. Previously, the market feared that if MSCI proceeded with the exclusion, it could trigger forced selling of $10 to $15 billion in passive funds.
01 Index Dynamics
MSCI’s decision sent ripples through both the crypto industry and traditional financial markets. As one of the world’s leading index providers, MSCI’s actions influence the flow of trillions of dollars.
Originally, MSCI planned to reclassify companies whose digital assets make up more than 50% of their total assets during its February 2026 index review, excluding them from major indices.
The potential impact of this proposal is significant. Estimates suggest that 39 companies, with a combined market capitalization of $113 billion, would be affected. Strategy alone accounts for 74.5% of the total market cap.
JPMorgan previously estimated that passive outflows alone could reach $2.8 billion, enough to substantially pressure Strategy’s stock price and financing capabilities.
02 Market Reaction
Following MSCI’s announcement, the market responded positively. Strategy’s shares jumped about 6% in after-hours trading.
The company welcomed the decision, stating on social platform X: "MSCI’s confirmation that digital asset treasury companies will remain in MSCI indices is a positive outcome for neutral index construction and economic reality."
Other crypto-related stocks also got a boost. For instance, Bitmine Immersion’s shares rose 3.5% after hours.
03 Future Risks
While MSCI has temporarily shelved the exclusion plan, the door isn’t closed. MSCI made it clear it will launch a "broader consultation" to explore how to handle non-operating companies in general.
MSCI’s statement noted that distinguishing between investment companies and other firms holding non-operating assets—such as digital assets—"requires further research and consultation with market participants."
For investors, uncertainty remains. Analysts warn that the risk of exclusion hasn’t been fully resolved. For example, TD Cowen analyst Lance Vitanza expressed surprise at the decision and noted it’s unclear whether this is a "decisive victory or a temporary reprieve."
04 Industry Perspective
From a broader industry viewpoint, MSCI’s cautious stance reflects the complex sentiments within traditional finance toward the growing influence of digital asset companies.
The rise of DAT firms marks a major shift in corporate treasury management. From just four companies in 2020, the number soared to 142 by October 2025, with more than half founded in 2025 alone.
These companies are now investing in tokens like DOGE, ZEC, and WLFI, which are far more volatile than Bitcoin.
As crypto continues to integrate with traditional finance, these tensions may become a structural feature in the coming years. Higher standards and requirements could ultimately strengthen the legitimacy of compliant digital asset treasuries, while excluding risky or poorly structured firms before they pose systemic threats.
05 New Investment Landscape
For investors looking to enter the digital asset space, the current situation presents both opportunities and challenges. DAT companies’ continued index inclusion means they’ll keep attracting passive fund inflows.
Strategy, the industry leader, holds over 670,000 Bitcoins and boasts a market cap exceeding $60 billion. However, investors should be aware of the risks posed by its high-leverage strategy: in bull markets, its stock typically outpaces Bitcoin’s gains, but in bear markets, the declines are steeper.
Beyond investing directly in DAT company stocks, investors can also trade Bitcoin and other digital assets on platforms like Gate. As of January 7, the Bitcoin price on Gate stood at around $92,800.
06 Industry Frontiers
The crypto sector is approaching a pivotal moment in 2026. After more than a decade of infrastructure building, Web3 is now intersecting with the world’s fastest-growing economic sectors.
Gate Ventures’ 2026 outlook highlights five emerging frontier areas: on-chain "real-time information aggregation layers," decentralized payment and FX settlement networks, "machine-native" financial systems, institutional-grade DeFi "meta-yield" integrated platforms, and the transformation of crypto mining into distributed AI computing and energy providers.
These trends signal a structural shift in global value flows, compute resource allocation, and intelligent system collaboration. More crypto and ecosystem companies are accelerating toward public capital markets, expanding pre-IPO investment channels.
For investors seeking to capitalize on these trends, Gate offers comprehensive services—from spot trading to early-stage project investment opportunities—tailored to diverse risk appetites and investment goals.
Outlook
Crypto mining firms are evolving into distributed computing providers for the AI era, with share prices hitting new highs as they expand high-performance computing services. Global data center electricity consumption is projected to double from 415 TWh in 2024 to 945 TWh by 2030.
Meanwhile, more ecosystem companies are reaching significant revenue scale, maturing in regulatory compliance, and entering public markets through IPOs, de-SPACs, and mergers and acquisitions.
Strategy’s stock chart remains closely correlated with Bitcoin’s price but displays amplified movements due to leverage. The market is watching MSCI’s next steps closely—the battle over DAT companies’ index status is far from over.
