Core Viewpoint - MSCI has decided to maintain the current classification of companies with significant digital asset exposure, specifically digital asset treasury companies (DATCOs), after a consultation that raised concerns about their classification and index eligibility [1][2][3] Group 1: MSCI's Decision and Its Implications - MSCI's review confirmed that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in its indices [2] - The decision allows DATCOs currently included in MSCI's global indexes to remain eligible, provided they meet all other inclusion requirements [4] - The results of the consultation will apply to MSCI's February 2026 Index Review, confirming no changes to the index treatment of DATCOs in that cycle [3] Group 2: Market Trends and Investor Sentiment - In the previous year, public companies adopted crypto treasury strategies, raising $2.6 billion to accumulate digital assets as balance-sheet reserves amid market uncertainty [5] - The trend of digital asset treasury companies attracted strong investor interest, with some trading at premiums based on token holdings rather than operational performance [6] - The market has shifted from rapid adoption to reassessment, leading to debates among regulators, index providers, and investors about the sustainability of crypto treasury firms as a corporate model [6]