Strategy Shares Jump After MSCI Keeps Crypto Treasury Firms in Index—for Now

Quick Breakdown

• Strategy shares jumped 5% after MSCI declined to remove crypto treasury firms from its indexes.
• MSCI will conduct further consultations to define whether such firms are operators or investment vehicles.
• Continued inclusion protects billions in passive fund inflows and supports institutional demand.

Shares of Strategy rebounded sharply in after-hours trading after MSCI opted not to remove digital asset treasury companies from its indexes.

The stock fell 4.1% during regular trading on Tuesday but surged nearly 5% after the index provider signaled a temporary reprieve, according to Google Finance data. Strategy currently holds 673,783 Bitcoin, worth over $62 billion at current prices.

MSCI signals review, not removal

In a note published Tuesday, MSCI said it will not immediately exclude digital asset treasury companies (DATCOs) from its benchmarks, but confirmed they will undergo a broader consultation process.

source:

— matthew sigel, recovering CFA (@matthew_sigel)

The review aims to clarify whether firms that hold large amounts of digital assets should be treated as operating companies or classified as investment-focused entities. MSCI defines DATCOs as companies whose digital asset holdings account for at least 50% of total assets.

The index provider said the review is designed to maintain consistency with MSCI’s core objective, tracking operating companies while excluding businesses primarily engaged in investment activities.

Why the decision matters for Strategy and others

MSCI’s decision preserves eligibility for passive index funds, helping sustain liquidity and institutional demand for Strategy shares and similar firms. An exclusion could have triggered billions of dollars in forced selling from index-tracking funds.

The rise of crypto treasury strategies accelerated throughout 2024 and 2025, with more than 190 publicly listed companies now holding Bitcoin on their balance sheets. Several firms have also launched treasuries centered on Ether, Solana, and other altcoins.

Metaplanet recently disclosed that it acquired 4,279 BTC during the quarter through a combination of spot market purchases and options-based strategies, at an average price of ¥16.33 million per Bitcoin, for a total spending of ¥69.86 billion.

However, many of these stocks came under pressure in late 2025 as investors questioned the long-term sustainability of balance sheet-heavy crypto exposure.