Dec. 18 at 3:26 PM
$BTCS
1/2 - We recently submitted a formal response to MSCI’s consultation on the classification of Digital Asset Treasury Companies (DATCos), outlining why balance-sheet-only frameworks risk misclassifying blockchain-focused operating companies.
A single balance-sheet threshold, for example, digital assets exceeding a fixed percentage of total assets, risks lumping together two very different economic models:
• Companies that hold digital assets as passive investments
• Companies that use digital assets as productive operating capital
For BTCS, digital assets like Ethereum are productive operating inputs required to support validator infrastructure, block building, and DeFi strategies, not passive treasury holdings. Currently, approximately 80% of BTCS’s revenue is derived from block building activities.
We believe index methodologies should incorporate revenue and operational criteria to distinguish operating digital asset companies from asset-centric treasury models.
