A brutal shakeout is coming for digital asset treasury firms.

Major index provider MSCI just dropped a bombshell preliminary list: 38 Digital Asset Treasury (DAT) companies are on the chopping block for potential removal from key indexes backed by a Wall Street giant. The final verdict? Mark your calendars for January 15th, 2026.

This isn't just paperwork shuffling. These are firms that manage crypto treasuries for corporations, and getting booted from mainstream indexes could trigger serious liquidity concerns and institutional capital flight. The compilation stems from MSCI's recent consultation process, signaling growing scrutiny over how traditional finance categorizes and validates crypto-native business models.

For the 38 companies caught in this crossfire, the next year becomes a high-stakes waiting game. Expect fierce lobbying, compliance scrambles, and possibly some strategic pivots as they fight to prove their legitimacy to traditional market gatekeepers.

The clash between old finance infrastructure and new asset classes continues to heat up.