MSCI's DAT Decision Sends MSTR and Digital Asset Treasury Stocks Surging

Market Relief as Index Giant Backs Down on Removal Threat

Digital asset treasury companies got a major reprieve this week when MSCI confirmed it would keep them in its indexes—and investors immediately took notice. Strategy (MSTR) surged 6% in evening trading following the announcement, signaling market relief after weeks of uncertainty about potential exclusion.

What’s the big deal? Think of DATs as companies that hold significant amounts of crypto and digital assets on their balance sheets. For index-tracking funds, inclusion matters enormously—removal could trigger massive passive fund outflows. MSCI’s decision to keep these firms on the roster means billions in passive capital won’t be headed for the exits.

Why the Uncertainty in the First Place?

MSCI had been wrestling with a classification problem: how do you distinguish between traditional investment firms and companies whose core business is essentially sitting on digital assets? The index operator determined that additional research and clearer industry definitions are needed before making any drastic moves. More specifically, they’re looking at standardizing financial statement metrics to properly evaluate DAT eligibility.

The organization’s preliminary stance is that companies with digital asset holdings comprising at least 50% of total assets will maintain their current index treatment—no changes to existing rules. This middle-ground approach avoided the sector-wide disruption many feared.

Broader Market Response

Beyond MSTR, other treasury-focused companies felt the ripple effect. Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI) all posted gains in evening trading, reflecting the broader sentiment shift.

Bitcoin itself benefited from the positive momentum, rising approximately 1% and currently trading around $92,160 after facing earlier downward pressure during the trading day. The correlation between the MSCI decision and BTC’s bounce suggests that sentiment around institutional digital asset legitimacy continues to influence broader crypto markets.

What’s Next?

The ball is now in MSCI’s court to develop clearer criteria and seek more industry feedback. Until then, DAT investors can breathe easier knowing removal isn’t an immediate threat. Whether this represents a long-term endorsement of digital asset treasuries as a legitimate asset class remains to be seen—but for now, the market’s confidence has clearly returned.