MSTR Stock Surges 6% After MSCI Keeps Digital Asset Treasury Firms in Global Indexes

MicroStrategy (NASDAQ:MSTR) stock rose over 6% in after-hours trading on January 6, 2026, following a key decision by MSCI. The global index provider announced it will not exclude digital asset treasury companies from its global indexes. The move came after months of consultation and public feedback.

The index provider stated that companies with digital assets accounting for 50% or more of their total assets will retain their current index status for now. MSCI cited the need for further research and consultation to distinguish between investment funds and companies holding digital assets as part of core operations.

MicroStrategy, the world's largest corporate holder of Bitcoin, welcomed the decision. The company's founder and executive chairman, Michael Saylor, shared his support on X, calling it a "strong outcome for neutral indexing and economic reality". MicroStrategy currently holds 673,783 BTC, valued at around $62.5 billion, with an average purchase price of $75,026.

Why Did This Happen?

MSCI had previously proposed excluding companies with more than 50% of their balance sheets in digital assets. The plan raised concerns among investors and companies alike. Critics argued the rule was discriminatory and arbitrary, potentially causing index instability due to cryptocurrency price swings.

The index provider received extensive feedback from stakeholders, leading to a revised decision. MSCI emphasized the need for a more nuanced approach to classify non-operating asset companies, particularly those holding digital assets for strategic purposes. The provider also announced plans for a broader consultation on the treatment of non-operating assets in 2026.

How Did Markets React?

MicroStrategy shares surged 6.6% in after-hours trading, reaching $168.40. During the regular session, MSTR closed down 4.1% at $157.97. The stock has declined 58% over the past year. Bitcoin also reacted to the news, rising slightly from around $93,000 to $93,500.

Other digital asset treasury companies also saw positive movement. Bitmine Immersion shares climbed 3.5% after hours. The decision provided relief to the sector, preventing potential forced selling by index-tracking funds. Analysts had projected that an exclusion could lead to up to $8.8 billion in passive outflows.

What Are Analysts Watching Next?

MicroStrategy faces ongoing financial risks due to its heavy exposure to Bitcoin. The company reported a $17.44 billion unrealized loss in the fourth quarter of 2025, with $5.40 billion in losses for the full year. Despite these losses, the firm has continued to expand its Bitcoin holdings, most recently adding 1,287 BTC for $116.3 million.

The company has built a $2.25 billion USD reserve to cover preferred dividends and debt interest. This move aims to alleviate concerns over liquidity. However, analysts remain cautious. A renewed downturn in Bitcoin prices or tighter financing conditions could force further equity issuance, potentially diluting shareholders.

Looking ahead, investors are watching the U.S. December nonfarm payrolls report, scheduled for release on January 10, for clues on interest rates and risk appetite. Additionally, MicroStrategy's quarterly earnings, expected around February 4, will be closely monitored.

MSCI's broader review of non-operating asset treatment is set for February 2026. The outcome of this review could reshape how index providers classify companies with significant crypto holdings. Market participants are also observing how other index providers, such as S&P Dow Jones and FTSE Russell, respond to the evolving crypto landscape.