MSCI Keeps MicroStrategy in Indexes but Freezes Future Passive Inflows

MSCI will retain MicroStrategy and other Digital Asset Treasury Companies (DATCOs) in its global equity indexes, the outlet Beincrypto reported, a move that averts an immediate forced-selling event but restricts index-driven inflows. MSCI said it would not proceed with a proposal to exclude DATCOs during the February 2026 review, but it will open a broader consultation on “non-operating companies generally.” Firms already in MSCI indexes will remain if they meet other eligibility criteria, yet MSCI will not increase Number of Shares, Foreign Inclusion Factor, or Domestic Inclusion Factor for these securities and will defer additions or size-segment migrations — effectively freezing their index footprint and limiting future passive buying.

The announcement drew mixed reactions: Strategy and MicroStrategy leaders welcomed the outcome, while critics including Andy Constan argued MicroStrategy behaves like a leveraged Bitcoin fund rather than a traditional operating company, and others raised concerns about the structure of Strategy’s preferred instruments such as STRC.

MSCI’s language makes clear the question is unresolved: the provider highlighted investor concerns that some DATCOs may be predominantly investment-oriented, and the planned consultation leaves classification under review.

Key Topics

Crypto, Microstrategy, Msci, Datcos, Bitcoin, Michael Saylor