MSCI Retains Crypto-Heavy Firms in Global Indices: A Major Win for Digital Asset Treasuries

A Victory for Crypto-Centric Corporations in Global Markets

The landscape of global index inclusion underwent a significant moment of tension this week as MSCI confirmed it will maintain the presence of digital asset treasury companies (DATCOs) within its market indices. This decision follows a period of intense scrutiny regarding how companies that hold vast amounts of cryptocurrency on their balance sheets should be categorized. While the immediate threat of exclusion has passed, the financial giant noted that this is a temporary stance as they continue to evaluate the unique nature of non-operating firms in the blockchain space.

Navigating the Definition of Digital Asset Treasuries

MSCI specifically defines DATCOs as entities where digital assets constitute 50% or more of their total asset value. By keeping these firms in their indices, MSCI ensures they remain eligible for the massive influx of capital from passive index funds. This creates a safety net for liquidity and demand, allowing institutional investors to maintain exposure to these high-growth assets. If a pivot toward exclusion had occurred, market leaders like MicroStrategy—which holds over 673,000 Bitcoin—could have faced a staggering exodus of institutional capital, potentially totaling billions in lost inflows.

The Surging Trend of Corporate Crypto Reserves

Throughout 2024 and 2025, the adoption of “Bitcoin-standard” treasuries evolved from a niche experiment into a prominent institutional trend. While some market skeptics questioned the long-term viability of these strategies during market corrections, the data shows a different story of expansion. Currently, more than 190 publicly traded companies have integrated Bitcoin into their balance sheets. Furthermore, the diversification of corporate treasuries has accelerated, with dozens of firms now launching reserves based on Ethereum, Solana, and various altcoins, marking a new chapter in how corporations manage their global wealth.

What are Digital Asset Treasury Companies (DATCOs)?

Digital Asset Treasury Companies (DATCOs) are publicly traded entities that hold digital assets such as Bitcoin or other cryptocurrencies as a significant portion of their balance sheets. According to MSCI’s definition, a company qualifies as a DATCO when digital assets constitute 50% or more of its total asset value. These companies use cryptocurrency as a primary treasury reserve strategy rather than traditional cash holdings, with MicroStrategy being the most prominent example holding over 673,000 Bitcoin.

Why is MSCI’s decision to keep DATCOs in its indices important?

MSCI’s decision to maintain DATCOs within its market indices is crucial because it ensures these companies remain eligible for substantial capital inflows from passive index funds and institutional investors. Exclusion from major indices could have triggered a massive exodus of institutional capital, potentially amounting to billions of dollars in lost inflows for companies like MicroStrategy. This inclusion provides essential liquidity, market stability, and continued institutional exposure to cryptocurrency-focused corporate strategies, legitimizing the corporate adoption of digital assets as treasury reserves.

How many companies currently hold Bitcoin on their balance sheets?

As of 2025, more than 190 publicly traded companies have integrated Bitcoin into their corporate balance sheets, representing a significant shift from what was once considered a niche experimental strategy. This trend has accelerated throughout 2024 and 2025, evolving into a prominent institutional movement. Beyond Bitcoin, the diversification has expanded considerably, with dozens of additional firms launching treasury reserves based on Ethereum, Solana, and various other altcoins, signaling a broader acceptance of digital assets as legitimate components of corporate treasury management strategies.