Digital Asset Treasuries (DAT) are currently facing a difficult period, marked by a significant decline in their share prices and exclusion from certain stock 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 growth 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.
In fact, these crypto strategies—which were supposed to restore market visibility to struggling companies—are now showing significant declines, to the point of forcing some of them to sell cryptocurrencies to finance the repurchase of their own shares.
An unfavorable context further complicated by the joint announcement of a possible delisting of their shares from the Nasdaq 100 and MSCI indices, based on whether they hold more than 50% of cryptocurrencies in their assets.
Faced with this situation, the industry leader Strategy—which is directly affected—was quick to respond, explaining that Bitcoin Treasuries are “operational companies.” At the same time, a Bitcoin-focused advocacy group called Bitcoin For Corporations attempted to estimate the impact of this delisting, and the figures are not very encouraging.
A preliminary list identifies 39 companies under review, including 18 current index constituents and 21 non-constituents. Notable companies include Strategy, Sharplink Gaming, Riot Platforms, and Marathon Digital Holdings.
Bitcoin For Corporations
Outflows of up to $15 billion
The figures cited should be taken with a grain of salt, as they are merely an estimate based on the prospect of this exclusion, which is set 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 float-adjusted market capitalization of $113 billion .”
According to calculations by Bitcoin For Corporations, the confirmed removal of shares in these Digital Asset Treasuries (DAT) from the MSCI indices could result in outflows estimated between $10 billion and $15 billion, with a more precise figure of $11.6 billion.
Details of Bitcoin For Corporations’ estimates for the MSCI indices
Based on a verified preliminary list of 39 companies representing a total float-adjusted market capitalization of $113 billion. A JPMorgan analysis estimates that Strategy alone could see $2.8 billion in capital outflows if removed from the MSCI indices.
Bitcoin For Corporations
As things stand, this situation affects almost exclusively U.S. 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 deem unfair, the members of Bitcoin For Corporations explain how “a single balance sheet metric cannot determine whether a company is truly an operating business.” Will this argument be enough to change the game?
