Win For Bitcoin Giant Strategy As MSCI Pauses Decision To Exclude Digital Asset Treasury Firms From Indexes

MSCI has decided not to exclude digital asset treasury companies (DATCOs) from its equity indexes, as of now. The firm announced this move on January 6, 2026, citing investor feedback and the need for further study. This decision preserves the current status of DATCOs in the MSCI benchmarks until a more comprehensive review is completed.

The move was welcomed by Strategy, one of the largest DATCOs. The company confirmed that it will remain in the MSCI Indexes for the February 2026 review. Strategy's shares rose nearly 6% in after-hours trading following the news, despite a 47.5% decline in 2025.

MSCI explained that the decision was made to address concerns that some DATCOs behave similarly to investment funds. The firm will now focus on refining its methodology for distinguishing between investment companies and firms that hold non-operating assets like digital assets as part of their core operations.

Why Did This Happen?

MSCI received feedback from investors who questioned how DATCOs should be treated in equity benchmarks. Some argued that these companies resemble investment vehicles rather than operating businesses. MSCI acknowledged that current criteria may not be sufficient to assess eligibility and will need to develop clearer measures.

The firm has opted for a broader review of non-operating asset companies, not limited to those holding digital assets. This approach aims to ensure consistency and alignment with the goals of the MSCI Indexes.

How Did Markets React?

Strategy's shares were one of the most immediate beneficiaries of the decision. In after-hours trading on January 6, the stock surged by about 6%. This positive reaction reflects relief among investors who feared significant selling pressure had the exclusion been implemented.

Analysts had previously estimated that a forced exclusion could lead to $2.8 billion in selling pressure for Strategy alone. The decision to maintain the status quo helps avoid short-term market shocks that could arise from index rebalancing.

What Are Analysts Watching Next?

MSCI plans to finalize its review by February 2026. During this period, the firm will consult with a broader group of market participants to refine its criteria. Analysts are now focused on how this broader review will proceed and what changes might emerge.

Investor sentiment will also be closely monitored. The decision to keep DATCOs in the MSCI benchmarks for now shows that market pressure and stakeholder input can influence index methodology. If MSCI eventually implements stricter criteria, it could lead to partial or full exclusions, affecting up to $8.8 billion in fund flows.

Until the February 2026 review, the status quo remains. This gives DATCOs time to strengthen their operational profiles and potentially defend their inclusion in the future. For now, index-linked passive capital will continue to support these companies.