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MSCI: “No index removal for companies holding Bitcoin” … Strategy up 6%
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Summary
- MSCI said it has decided not to implement a proposal to exclude digital-asset holding companies (DATCOs) from the MSCI Global Investable Market Index.
- With the decision, companies such as Strategy that use digital assets as a core tool for corporate treasury management have avoided the risk of index removal for now, and it reported that Strategy shares as well as Bitcoin and the shares of BitMine, SharpLink, and Twenty One Capital rose in tandem.
- MSCI said it will curb any expansion of their influence by freezing their index weights, classifying them on an observation list, and suspending new index inclusion and moves across size segments.
Morgan Stanley Capital International (MSCI) has temporarily put on hold its plan to exclude companies that hold large amounts of digital assets (cryptocurrencies) from its global indexes.
In an official announcement on the 6th (local time), MSCI said it had “decided not to implement the proposal to exclude digital-asset holding companies (DATCOs·Digital Asset Treasury Companies) from the MSCI Global Investable Market Index.”
As a result, companies such as Strategy that use digital assets as a core tool for managing corporate treasury have, for now, avoided the risk of being dropped from the index. Strategy shares in particular surged more than 6% in after-hours trading. Bitcoin, which had been under downside pressure during the regular session, also rebounded about 1% immediately after the news, reclaiming the $94,000 level intraday. Other digital-asset holding companies (DATs) such as BitMine, SharpLink, and Twenty One Capital also rose in after-hours trading.
MSCI, however, made clear that the decision is not full acceptance but a “conditional deferral.” MSCI explained that, following market consultations, institutional investors are concerned that some digital-asset holding companies exhibit characteristics similar to “investment funds,” which are ineligible for index inclusion.
MSCI said it will allow digital-asset holding companies currently in the index to remain, while seeking to curb any expansion of their influence. According to the announcement, for these companies, ▲increases in the number of shares (NOS) ▲upward adjustments to the Foreign Inclusion Factor (FIF) and Domestic Inclusion Factor (DIF) will not be applied. In other words, even if share prices rise or free float increases, their index weightings will be artificially frozen.
MSCI also decided to classify companies whose digital-asset holdings account for 50% or more of total assets as an “observation list,” and to fully suspend their new index inclusion or moves across size segments (large-, mid-, and small-cap).
MSCI said, “Digital-asset holding companies may be part of a broader group of companies whose activities are investment-led rather than operations-led,” adding, “We plan to conduct broader consultations going forward to determine an approach for ‘non-operating companies’ overall.”
