STANDARD ANNOUNCEMENTS - January 06, 2026 at 09:10 PM GMT
Announcement for January 06, 2026 at 09:10 PM GMT
THIS IS AN ANNOUNCEMENT FOR THE MSCI GLOBAL STANDARD INDEXES
MSCI ANNOUNCES RESULTS OF THE CONSULTATION ON THE TREATMENT OF DIGITAL ASSET TREASURY COMPANIES
MSCI has determined at this time not to implement the proposal to exclude digital asset treasury companies ("DATCOs") from the MSCI Global Investable Market Indexes ("MSCI Indexes") as part of the February 2026 Index Review. However, MSCI intends to open a broader consultation on the treatment of non-operating companies generally. This broader review is intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes, which seek to measure the performance of operating companies and exclude entities whose primary activities are investment-oriented in nature.
Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes. Feedback also highlighted that DATCOs may represent a subset of a wider group of entities whose business activities are predominantly investment-oriented rather than operational.
Distinguishing between investment companies and other companies that hold non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes requires further research and consultation with market participants. For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators.
For the time being, the current index treatment of DATCOs identified in the preliminary list published by MSCI of companies whose digital asset holdings represent 50% or more of their total assets will remain unchanged:
- DATCOs currently included in MSCI Indexes will continue to be included, provided they continue to meet all other index inclusion requirements.
- MSCI will not implement increases to the Number of Shares (NOS), Foreign Inclusion Factor (FIF) or Domestic Inclusion Factor (DIF) for these securities.
- MSCI will defer any additions or size-segment migrations for all securities included in the preliminary list.
- MSCI may update the preliminary list as necessary to reflect relevant changes in company disclosures related to digital asset holdings.
THIS IS AN ANNOUNCEMENT FOR THE MSCI