Strategy and Other Crypto Treasury Firms Spared a Big Blow - for Now

MSCI has decided not to exclude digital asset treasury companies from its indexes during the February 2026 review. The index provider said it will instead open a broader consultation on how it classifies non-operating companies. This move keeps companies like Strategy, Mara, and Metaplanet in major indexes for now.

The decision is significant because inclusion in major indexes can determine passive fund flows. If MSCI had removed these companies, it could have forced index-tracking funds to sell their shares, adding downward pressure. Strategy's stock rose more than 6% in after-hours trading following the announcement.

Digital asset treasury firms, or DATCOs, have become a fast-growing niche in financial markets. These are public companies that hold large amounts of crypto as a core balance sheet asset. The strategy is often used to provide investors indirect exposure to crypto without directly owning it.

Why Did This Happen?

MSCI cited concerns about whether DATCOs operate like traditional businesses or function more like investment funds. The firm said its indexes are meant to reflect operating companies. DATCOs, however, derive much of their value from holding crypto, which can fluctuate rapidly.

The index provider has defined DATCOs as firms where digital assets account for 50% or more of total assets. Strategy, for example, holds over $62 billion in Bitcoin. MSCI is now conducting a broader review of non-operating companies, which could include DATCOs.

How Did Markets React?

Strategy's stock rose more than 6% in after-hours trading after the MSCI announcement. Mara Holdings and Metaplanet also saw gains. However, the rise was partially offset by a dip in Bitcoin prices. The cryptocurrency fell about 2% early in the week, affecting sentiment across crypto-linked stocks.

Market analysts suggest that the MSCI decision is a short-term reprieve for DATCOs. The broader consultation could lead to a reclassification later in 2026. If that happens, DATCOs may see exclusion or stricter inclusion criteria.

What Are Analysts Watching Next?

Several analysts and strategists are monitoring how MSCI's broader review unfolds. Mike O'Rourke of JonesTrading noted that while exclusion is likely postponed, the consultation could lead to long-term structural changes. Owen Lau of Clear Street added that the most likely outcome is that MSCI will grandfather existing DATCOs already in its indexes.

Investors are also watching Bitcoin's performance and broader market conditions. A sharp downturn in crypto prices could increase pressure on DATCOs and their stock valuations.