Strategy Stock Soars as MSCI Pauses Plan to Drop Digital Asset Treasury Firms

MSCI Inc. has confirmed that digital asset treasury companies, including Strategy Inc. (NASDAQ: MSTR), will remain in its global indexes for now. The decision came after a public consultation period, during which MSCI reviewed concerns from investors and industry stakeholders. The firm will maintain the current index treatment for DATCOs—companies where digital assets represent at least 50% of total assets—until at least its February 2026 review.

The move addresses widespread concerns that these companies resemble investment funds and may be excluded from MSCI's flagship benchmarks. Exclusion could have triggered significant market disruptions, with potential selling pressures estimated at up to $15 billion in the short term. MSCI said it will conduct a broader consultation on how to classify companies that hold large non-operating assets.

Strategy shares surged more than 6% in after-hours trading on the news. The stock had been under pressure following MSCI's earlier proposal to exclude digital asset treasuries. MicroStrategy and similar firms had pushed back against the plan, arguing that their business models are operational and not purely investment-oriented.

Why Did This Happen?

MSCI cited the need for further consultation on how to treat companies that hold large amounts of digital assets. The firm said it received significant feedback from investors who expressed concern that some DATCOs operate similarly to investment funds. This complicates the firm's ability to apply existing index rules consistently.

The decision also reflects broader market trends. Over the past year, several publicly traded companies have adopted crypto treasury strategies, buying large quantities of Bitcoin as a core asset. Strategy, the largest holder of Bitcoin among MSCI-indexed companies, has been a central figure in this movement.

How Did Markets React?

Strategy's stock price rose over 6% in after-hours trading following the MSCI announcement. The company had previously warned that exclusion from MSCI's global indexes could lead to a $2.8 billion sell-off of its shares. The immediate relief in the market suggests investors welcomed the decision to delay any exclusions.

Other DATCOs also saw positive movement. BitMine Immersion Technologies shares gained 3.5% after the MSCI decision. The broader market reaction highlights the importance of index inclusion for crypto-related equities.

What Are Analysts Watching Next?

MSCI's decision to defer the issue to a February 2026 review has created uncertainty for market participants. Analysts will be watching for clarity on how the firm intends to refine its inclusion criteria for DATCOs. The upcoming review will consider factors such as financial-statement-based indicators and whether the firms are operating businesses or investment vehicles.

Regulatory developments will also play a role. The U.S. Securities and Exchange Commission's stance on crypto ETFs and international accounting standards could influence MSCI's final decision. For now, the status quo provides short-term stability, but the long-term outcome remains uncertain.

Strategy, which continues to build its Bitcoin reserve, has said it will not act like a fund or a holding company. The company emphasized that it is a publicly traded operating business with a unique treasury strategy that uses Bitcoin as productive capital. This stance will likely remain a focal point in the coming months as the market watches how the firm's strategy evolves.