Strategy Stock Is on the Rise—Yet the Fight to Maintain Its Place in Indexes Continues

Michael Saylor and Strategy's Bitcoin Bet: Latest Developments

Photo credit: Dominic Gwinn / Middle East Images / Middle East Images via AFP

Michael Saylor, the executive chairman of Strategy, remains a prominent supporter of bitcoin.

Main Points

• Strategy, a publicly traded company known for its substantial bitcoin reserves, will continue to be included in major stock indexes for the time being.
• MSCI announced on Tuesday evening that it plans to conduct a more comprehensive evaluation of the issue. Meanwhile, Strategy's stock price has been climbing.

After a challenging period for Strategy shareholders, this week brought a welcome change.

On Tuesday night, index provider MSCI stated that it would not, at least for now, remove companies with significant digital asset holdings like bitcoin from its indexes. Supporters of Strategy (MSTR), which gained notoriety for amassing cryptocurrency, welcomed the news. The company's shares recently rose by about 4%, though they had been higher earlier in the day.

This announcement eased, or at least postponed, concerns that had been weighing on Strategy's stock. Last autumn, MSCI suggested it might exclude digital asset treasury companies, also known as DATCOs, from its indexes. The proposal came after a surge in such firms, with MSCI arguing they resembled investment funds, which are not eligible for inclusion. This prospect unsettled investors, as analysts warned it could prompt other index providers to follow suit and potentially lead to billions in outflows for the company.

Why This Is Important

MSCI's latest decision removes immediate uncertainty for Strategy's shares, but it does not guarantee long-term security for the company.

Although Strategy remains part of MSCI's indexes for now, its future inclusion is not assured. Michael Saylor, the company's executive chairman and a vocal bitcoin advocate, shared the news on social media, noting, "$MSTR will remain in MSCI indexes," but stopped short of declaring victory.

This update provided some comfort to investors who had seen the stock struggle in the latter half of 2025. However, the news is not being viewed as a decisive win, since MSCI has indicated it will begin a "broader review" of DATCOs, and a final verdict on their eligibility will require additional analysis.

Saylor has recently refined his message about the company's value proposition, maintaining that excluding DATCOs from indexes on the grounds that they are not operating businesses is misguided.

In a statement from December, Strategy emphasized, "Strategy is not an investment fund and does not simply hold bitcoin passively. It is an active business that leverages its bitcoin holdings to generate returns for its shareholders."

With a market capitalization of approximately $48 billion, according to Visible Alpha, Strategy is included in the Nasdaq Composite and Nasdaq 100 indexes, among others.