MSCI Postpones Removal of Digital Asset Companies, but a Larger Rule Game Has Already Begun
MSCI has decided to temporarily suspend its proposal to remove Digital Asset Treasury Companies (DATs) from its Global Investable Market Index (GIMI), providing relief for firms like MicroStrategy that hold significant digital assets. The initial proposal, introduced in October 2025, aimed to exclude companies with over 50% of their assets in cryptocurrencies, citing a need to reflect only operating businesses. However, MSCI faced criticism over arbitrary standards, operational impracticality, and perceived bias against digital assets.
While the removal threat is paused, MSCI has imposed restrictions: it will not increase these companies’ weightings based on number of shares, foreign inclusion factor, or domestic inclusion factor. It also halted size-segment migrations for such firms and paused new admissions. These measures limit the influence of DATs within the index while MSCI conducts a broader consultation to develop a standardized framework for classifying "non-operating companies," particularly those holding digital assets as a core part of their strategy.
The decision underscores the growing complexity of integrating digital assets into traditional finance. It highlights the need for clear, consistent rules to balance financial innovation with risk management as digital assets become more embedded in corporate balance sheets.
比推01/07 13:31
