TREE NEWS update: MSCI has adopted a new operating-asset test for digital asset treasury companies, adding a five-ratio screen for those that fail it. Its current list flags Strategy, Metaplanet and Upexi as possible deletions from MSCI indexes in November.
MSCI Adopts New Test; Strategy, Metaplanet Face Index Exit
AI take
The significance lies in MSCI formalising a screen that treats DATs more like operating businesses than index-eligible vehicles, which could push passive flows away from the flagged names. The immediate read-across is for peers whose treasury-heavy balance sheets may face the same test, not just the three listed. Whether other index providers adopt similar criteria, and how the flagged companies respond, is the open question.
Generated by AI for reference only.
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