MSCI vs. DAT: the battle that could shake up the crypto market

If you managed to stay off Crypto Twitter over the weekend, first: congratulations.
Second: you missed one of the biggest stories that shook the entire market.

It is about a proposal from MSCI, one of the largest index creators in the world.
They suggested that Digital Asset Treasury companies, or DATs for short, should not be considered companies but funds.
And therefore should be removed from their indices.

The idea sounds boring at first glance, but it is actually massive. Let’s break it down.

1. How the DAT model works

Digital Asset Treasury firms are companies that use a large portion of their capital to buy and hold digital assets.
The most popular example is MicroStrategy, which has invested billions into Bitcoin.

When such a company becomes large enough, it enters the radar of different stock indices.
And here is where the magic begins.

Indices are not just lists. A huge number of funds and institutions are required to hold stocks only from companies included in certain indices.
If a company is added to an index, funds are automatically obligated to buy its stock. This creates a stable and consistent influx of capital.

This is exactly what helped MicroStrategy. After being added to the Russell 1000 index on June 30, 2024, the company saw growth of around 300 percent over the next six months. A combination of institutional inflows and a strong market.

2. Why the MSCI proposal is a problem

MSCI believes that DAT companies should be treated as funds rather than real operating companies.

If this view is adopted by other index providers, two major things happen:

- The DAT model loses one of its strongest growth drivers.

- Companies already included in indices may be removed.

If this happens, funds that are not allowed to hold assets outside the index will be forced to sell.
This creates significant downward pressure on the stock prices of DAT companies such as MicroStrategy.

It is no surprise that Michael Saylor reacted immediately with a public statement.

3. The timing says a lot

Wondering when MSCI published this proposal?
On the exact same day that the crypto market sharply fell, beginning a correction of around 33 percent.
In just 42 days, nearly 1.4 trillion dollars in market cap disappeared.

- According to the theory, the logic is:

- The proposal scares institutions

- DAT flows were one of the strong drivers behind the recent rallies

- Institutions reduce risk and sell early

- This adds additional downward pressure on the market

Is this the only reason? Probably not. But it definitely adds fuel to the fire.

4. The date everyone needs to watch

The key date is January 15th, 2026.
This is when MSCI will announce their final decision.

If the proposal is approved, it will trigger mass selling of DAT companies included in MSCI indices.
MicroStrategy is part of the MSCI USA Index and the MSCI World Index, which means a direct impact.

And from there, effects can spill over into the wider crypto market.

We hope the proposal will be blocked. But whatever happens, we will monitor it closely.

What this means for you

The market does not like uncertainty.
The coming months may be volatile but also full of potential opportunities.

At Altcoins.bg we continue to monitor institutional flows, regulations, and their effects on the crypto market.
And to present these topics in a clear way for people who do not live 24 hours a day on X.

If you want to stay informed and buy or sell crypto easily and safely, you can do it here: Altcoins.bg