Strategy (MSTR) Stock Jumps 6% as MSCI Keeps Crypto Treasury Firms in Indexes

TLDR

• MSCI decided to keep digital asset treasury companies (DATCOs) in its global indexes after reviewing investor feedback and determining more research is needed
• Strategy stock jumped 5-6% in after-hours trading following the announcement after falling 4.1% during regular trading hours
• Companies with digital assets representing 50% or more of total assets will maintain their current index status while MSCI conducts further consultations
• The decision prevents Strategy and similar firms from losing billions in passive capital inflows that would have resulted from index exclusion
• Over 190 publicly traded companies now hold Bitcoin on their balance sheets, with many adding crypto treasuries in 2024 and 2025

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Strategy shares climbed 6% in after-hours trading Tuesday after MSCI announced it would keep digital asset treasury companies in its market indexes. The move marks a win for Michael Saylor’s firm and dozens of other companies holding large crypto positions.

Strategy Inc, MSTR

MSCI released a statement Tuesday saying digital asset treasury companies would remain in its global indexes for now. The indexing giant said it needs more time to research and consult with market participants about these firms.

The company defines digital asset treasury companies as firms where digital assets make up 50% or more of total assets. Strategy holds 673,783 Bitcoin, making it the largest crypto treasury company in the world.

Strategy stock had dropped 4.1% during Tuesday’s regular trading session. The after-hours rally came immediately after MSCI’s announcement hit the wire.

The decision matters because index inclusion affects billions in passive investment flows. Passive index funds track MSCI’s benchmarks, meaning exclusion would have cut off a major source of capital for these companies.

Other crypto treasury firms also saw gains in after-hours trading. Bitmine Immersion, Sharplink, and Twenty One Capital all posted modest increases following the news.

Index Status Under Review

MSCI said distinguishing between investment companies and operating companies holding digital assets requires additional study. The firm plans broader consultations to establish clear criteria for index eligibility.

The company will look at financial statement indicators and other metrics to assess eligibility. For now, all companies on MSCI’s preliminary list of digital asset treasury firms will keep their index status unchanged.

Growing Trend Faces Questions

Building crypto treasuries became popular among public companies in 2024 and 2025. More than 190 publicly traded companies now hold Bitcoin on their balance sheets.

Many firms have also launched treasuries for Ethereum, Solana, and other cryptocurrencies over the past year. The strategy involves buying and holding digital assets as a core business activity.

Some of these stocks fell in late 2024 as investors questioned whether the treasury model could sustain itself long-term. Strategy shares faced pressure from both weak Bitcoin prices and uncertainty about the MSCI decision.

Bitcoin added about 1% following the MSCI announcement. The cryptocurrency traded around $93,500 after the news broke.

The continued inclusion in MSCI indexes sustains demand and liquidity for these stocks. It also helps broaden institutional ownership of digital assets through passive investment vehicles.

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