Strategy Rally Reflects Growing Confidence in Digital Asset Treasury Firms

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MSCI confirmed on Tuesday that it will not exclude digital asset treasury companies (DATCOs) from its global indexes. The index provider has chosen instead to launch a broader review on how non-operating companies are treated. This decision means firms like Strategy will remain in the firm's global benchmarks for now according to MSCI.

MSCI cited investor concerns that some DATCOs exhibit characteristics similar to investment funds. The firm said it needs further research to distinguish between investment companies and those holding non-operating assets like digital assets as reported.

Strategy shares rose around 6% in after-hours trading. The stock had fallen about 47.5% in 2025 according to Yahoo Finance.

Why the Move Happened

MSCI said it received feedback from investors showing unease that some DATCOs resemble investment funds, which typically are not included in equity benchmarks according to Bloomberg.

The firm noted that assessing eligibility for these entities may require additional inclusion criteria, such as financial-statement-based indicators as StockTwits reports.

MSCI will maintain the current treatment of companies whose digital assets account for 50% or more of total assets. This includes Strategy and other DATCOs on MSCI's preliminary list according to CoinDesk.

How Markets Responded

Strategy's stock rallied in after-market trading, reflecting investor relief that the firm will stay in MSCI indexes. The company praised the decision on social media as CoinFomania reported.

Other DATCOs also saw gains. BitMine Immersion Technologies and Strive Asset Management shares rose during after-hours trading according to TradingView.

The decision was seen as a validation of the growing legitimacy of digital asset treasuries. This has helped restore confidence among both institutional and retail investors according to Investing.com.

What Analysts Are Watching

The MSCI decision does not eliminate scrutiny. The firm plans a broader consultation on how non-operating companies should be treated as Investing.com reported.

Analysts are monitoring how this review could affect index inclusion standards. Some fear stricter rules in the future, which could impact DATCOs again according to PR Newswire.

For now, the market is focused on the positive outcome. The decision is seen as a sign that regulators are considering more nuanced approaches to digital assets according to Global Newswire.

Investors are also watching how DATCOs perform in the coming months. Strong operational performance and risk management will likely continue to influence sentiment as Decrypt reported.