MSCI is running a consultation on DAT firms, companies that mainly hold BTC (or other crypto) on their balance sheet, like Strategy Inc. The outcome could decide whether $MSTR stays in major MSCI equity indexes.
Strategy Inc. is now the largest corporate holder of Bitcoin (~650,000 BTC, around 3% of circulating supply). Most of its balance sheet effectively tracks Bitcoin($BTC), which is why the S&P 500 has already treated it more like a BTC fund than a software company.
MSCI’s proposal:
If digital assets make up ≥50% of a company’s total assets, it may be excluded from the MSCI Global Investable Market Indexes.
- Consultation: open until Dec 31, 2025
- Final decision: Jan 15, 2026
- Implementation: Feb 2026 index review
If MSCI removes DAT names, index-tracking funds would have to unwind positions in $MSTR and its peers. JPM and others estimate roughly $2.8B of forced selling in a base case and up to $8.8B if other index providers follow MSCI’s lead.
This ongoing process is adding another layer of uncertainty to Bitcoin itself, with the looming risk of index-driven de-allocation acting as an overhang on sentiment and potentially accelerating downside pressure on BTC in the meantime.
TL;DR
- Consultation runs to Dec31, 2025
- MSCI final decision on Jan 15, 2026
- Changes land with the Feb 2026 index review
Depending on how this ultimately plays out, the current downside pressure on BTC could either abate or further intensify.