Digital Asset Treasuries (DATs) are currently experiencing a difficult period, with a significant decline in their share prices and rejection by certain stock market indices such as Morgan Stanley Capital International (MSCI). This exclusion could lead to up to $15 billion in outflows, according to a recent analysis.
Digital Asset Treasuries vs. MSCI: what is the real impact?
The development of Digital Asset Treasuries (DATs) appears to be one of the trends of 2025, with a notable increase in their number during this period. However, these publicly traded companies holding cryptocurrencies now have mixed results. Indeed, these crypto strategies, which were supposed to restore stock market visibility to moribund companies, are now showing significant declines, to the point that some of them are being forced to sell cryptocurrencies to finance the buyback of their own shares.
This unfavorable context has been further complicated by the joint announcement of a possible exclusion of their shares from the Nasdaq 100 and MSCI indices, based on whether they hold more than 50% of cryptocurrencies in their assets.
The leader Strategy, which is directly affected, has responded to this situation by explaining that Bitcoin Treasuries are “operational companies.” At the same time, a DAT advocacy group called Bitcoin For Corporations has attempted to estimate the impact of this exclusion, and the figures are not very encouraging.
A preliminary list identifies 39 companies under review, including 18 current constituents of the indices and 21 non-constituents. Notable companies include Strategy, Sharplink Gaming, Riot Platforms, and Marathon Digital Holdings.
Bitcoin For Corporations
Exits could reach up to $15 billion
The figures put forward should be taken with a grain of salt, as they are merely estimates based on the prospect of this exclusion, which is to be confirmed on January 15, with implementation scheduled for February. Nevertheless, this gives an idea of its potential impact on these “39 companies representing a total free-float market capitalization of $113 billion .” According to Bitcoin For Corporations’ calculations, the confirmed removal of these Digital Asset Treasuries (DAT) shares from the MSCI indices could result in estimated outflows of between $10 billion and $15 billion, with a more precise figure of $11.6 billion.
Based on a preliminary verified list of 39 companies representing a total free float-adjusted market capitalization of $113 billion. An analysis by JPMorgan estimates that Strategy alone could see $2.8 billion in capital outflows if it is removed from the MSCI indices.
Bitcoin For Corporations
As things stand, this situation almost exclusively affects US companies, with “18 current constituents ($98 billion in market capitalization) facing immediate removal and 21 non-constituents ($15 billion in market capitalization) facing permanent exclusion.”
Faced with this situation, which they consider unfair, the members of Bitcoin For Corporations explain how “a single balance sheet indicator cannot determine whether a company is truly an operating business.” Will this argument be enough to change the situation?
