#MSCI未排除数字资产财库企业纳入范围 The compromises and struggles of traditional financial giants: MSCI's "Digital Asset Treasury" dilemma

In early 2026, the giant in the index world, MSCI, faced an unprecedented dilemma—how to view publicly traded companies that have completely converted their balance sheets into $BTC? Companies like MicroStrategy, known as "Digital Asset Treasury Companies" (DATCOs), have become a hot potato.

Simply put, MSCI faces a dilemma: excluding them would mean that passive funds worth hundreds of billions of dollars would have to sell off collectively; keeping them in, the volatility of Bitcoin would seem to haunt the entire index. Ultimately, MSCI chose a seemingly moderate approach—no outright exclusion for now, but with restrictions in place. This is essentially a compromise by traditional finance on the penetration of crypto assets.

A key turning point has emerged: in the future, if these companies buy more Bitcoin through issuing new shares, MSCI will not increase their weights accordingly. For companies like MicroStrategy that rely on stock price premiums to finance their Bitcoin purchases, this is a heavy blow. The previous model was clear—issue new shares at a high premium → attract passive funds → continue to push up the stock price. Now, the ceiling for passive funds has been firmly set, and the space for premiums will inevitably shrink significantly.

What does this mean? Starting in 2026, the way companies hold cryptocurrencies will change. When traditional indices limit weight growth, investors will prefer to directly allocate to Bitcoin spot ETFs rather than taking a detour through buying company stocks to hold cryptocurrencies indirectly. For the entire "treasury concept stock" sector, this is a moment of re-pricing—what truly matters is not marketing, but the real asset structure and profit logic.