Global index provider Morgan Stanley Capital International (MSCI) changed its stance today, declaring it will not take out of its benchmarks those companies that own or hold Bitcoin as a strategy, including Saylor’s Strategy firm (MSTR), which resulted in the stock price surging by more than 6%
A Reprieve for Crypto Treasury Firms
MSCI’s decision marks an important intersection for companies holding digital asset treasuries. In a breathtaking vote, MSCI decided that it will not proceed with its proposal to exclude Digital Asset Treasury Companies (DATCOs) from its global indexes.
MSCI’s announcement follows investor feedback gathered during a consultation period, during which institutional investors were noted for expressing concern that some DATCOs share characteristics with other types of investment funds that are usually prohibited from its benchmarks.
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A Broader Review on the Horizon
MSCI stated they will no longer move forward with the immediate exclusion plan of non-operating companies from their indexes, but that they are certainly not closing the door on this topic. Rather, they have communicated a desire to hold a “broader consultation around the treatment of non-operating companies broadly”. This indicates that MSCI is looking for a more robust framework to evaluate all companies (i.e., crypto and otherwise) that do not generate any revenue through operations (i.e., primarily through investments). For the time being, Strategy will remain in the MSCI indexes but will see its weightings frozen, with no increases to its share counts or inclusion factors.
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