The controversy over whether or not crypto-heavy corporations belong in main inventory indices is barely settled, and already one other crypto participant is stepping in.
Just some months in the past, the index supplier was considering eradicating digital asset treasury (DAT) corporations which have greater than 50% of their steadiness sheets allotted to crypto.
A DAT firm holds cryptocurrencies on its company steadiness sheet in the identical approach conventional corporations maintain money reserves.
Related: JPMorgan warns of MicroStrategy delisting risk from major equity indices
On the receiving finish of this proposal was Michael Saylor’s MicroStrategy, now often called Technique (NASDAQ: MSTR).
In December 2025, Technique pushed back, calling MSCI’s proposal “discriminatory, arbitrary, and unworkable.” Saylor argued that his firm is an working enterprise, not an funding fund.
MSCI in the end opted to not exclude DAT corporations and Technique remained as a replacement.
Now, one other Bitcoin-focused firm is becoming a member of the ranks.
Related: Michael Saylor responds to JPMorgan’s MSCI delisting warning
The MSCI USA Index tracks large- and mid-cap segments of the U.S. fairness market and represents roughly 85% of the free float-adjusted market capitalization.
Inclusion can drive computerized flows from passive funds and increase visibility amongst institutional buyers.
IREN Restricted (NASDAQ: IREN) announced on Feb. 13 that will probably be added to the MSCI USA Index after the closing bell on Feb. 27.
IREN’s co-founder and co-CEO Daniel Roberts mentioned the addition displays the size and liquidity the corporate has constructed and can broaden institutional entry because it advances its AI Cloud technique.
The timing is notable due to its strategic pivot away from Bitcoin mining.
IREN started as a renewable-powered Bitcoin miner however is more and more positioning itself as an AI cloud infrastructure supplier.
On Oct. 3, the corporate signed a $9.7 billion GPU cloud companies contract with Microsoft (NASDAQ: MSFT). This marked a significant step in its growth into AI computing.
Nonetheless, Bitcoin mining is central to its operations and monetary volatility.
Within the second quarter of 2025, IREN reported income of $184.7 million, lacking forecasts by almost 20%, largely as a consequence of weaker Bitcoin mining income. The inventory dropped 11.45% in after-hours buying and selling following the earnings launch.
