O pânico do DAT acabou! A MSCI suspende temporariamente a exclusão de ações de cofres de criptomoedas do índice, a estratégia sobe 7% após o horário de negociação

MSCI Suspends Removal of Bitcoin-Holding Companies; MSTR Stock Rises and Avoids $2.8 Billion Passive Selloff

(Background: MicroStrategy invests another $100 million to buy 1,229 BTC, total position breaks through 672,000 BTC)

(Additional context: Michael Saylor reiterates Bitcoin could reach million, tens of millions of dollars: When MSTR controls 5%, 7% of total BTC supply)

The U.S. index compiler MSCI announced late on the 6th that it would postpone implementation of the “companies with digital assets exceeding 50% of portfolio will be treated as investment funds” plan during the February quarterly rebalancing, directly averting market panic over potential removal of MSTR (formerly MicroStrategy) and 39 other digital asset treasury companies. Upon the announcement, MSTR’s after-hours stock price immediately surged 5% to 7%, while the potential $2.8 billion passive selloff was temporarily halted.

The index treatment of those DATCOs listed in the preliminary roster published by MSCI, with digital asset holdings accounting for 50% or more of their total assets, will remain unchanged.

The Suspended “50%” Red Line

In MSCI’s original proposal, any company with digital assets exceeding half of total assets would be reclassified as a passive instrument similar to an ETF, thereby losing seats in benchmark indices like MSCI World and MSCI USA. Critics pointed out that the threshold depends on cryptocurrency price fluctuations; once Bitcoin (BTC) rises, companies could “passively” cross the line, making the standard arbitrary and magnifying market distortions. MSCI ultimately decided to postpone implementation, citing excessive variance in accounting standards across countries and difficulty in unified definition, deciding instead to launch broader consultation.

For stocks like MSTR, index inclusion carries implications beyond reputation, directly connecting to global passive fund flows. Data shows that if the 50% rule takes effect, MSTR alone could face forced sales of approximately $2.8 billion in stock by ETFs tracking MSCI indices, with sector-wide capital outflows potentially reaching $15 billion. Following the announcement, MSTR stock quickly rebounded from around $158, demonstrating that index inclusion sometimes dominates price action more than near-term fundamentals.

The 2026 Regulatory Reality

The debate centers on an identity question that legal and economics circles are attempting to clarify: when a company treats Bitcoin accumulation as core strategy, can it still be considered an operating company? Michael Saylor, MSTR’s chairman, has repeatedly emphasized that bitcoin reserves require active management and risk management, fundamentally different from passive ETF holdings. However, MSCI stated in its announcement that it will establish a new “non-operating company” classification in the future, meaning merely removing the 50% threshold will not end the review. For the crypto industry, traditional finance gatekeepers have temporarily loosened their grip, but leave an unsigned exam paper behind.

The event also reflects the regulatory atmosphere created by the Trump administration last year: while political rhetoric remains friendly toward crypto assets, financial infrastructure remains governed by existing rules. MSTR faced a 25% pullback in Bitcoin during Q4 2025, with approximately $17.4 billion in unrealized losses on its balance sheet, pressuring cash flow and risk capacity. This exemption from removal buys the company an observation period, but the next round of scrutiny will come. To maintain long-term index inclusion, they must prove themselves not merely a leveraged Bitcoin holding vehicle, but an enterprise meeting traditional standards in accounting, operations, and governance.

MSCI’s “delay tactic” temporarily stopped Wall Street’s passive investment machinery from liquidating positions, and allowed the market to witness the core conflict between Bitcoin treasury models and index composition controversies. When balance sheets change identity due to price fluctuations, must traditional valuation frameworks make way for new asset classes? The answer is still being written.