Investor feedback delays exclusion, but broader index rule changes remain under review
Michael Saylor’s Strategy received short-term relief after MSCI confirmed it will not immediately remove digital asset treasury companies from its global indexes. The decision sparked a sharp after-hours rebound in Strategy’s shares, highlighting how closely markets are watching index eligibility for crypto-heavy firms.
MSCI said it will continue including digital asset treasury companies, defined as firms where digital assets account for 50% or more of total assets. The index provider cited strong investor feedback and the need for additional analysis before making structural changes. However, MSCI also signaled that a broader consultation is underway to determine whether some of these firms should be classified as investment vehicles rather than operating companies.
Why the Ruling Matters for Strategy and Markets
Strategy, which holds 673,783 Bitcoin, initially fell during regular trading but rose about 5% after the announcement. Remaining in major indexes preserves access to passive fund inflows, supporting liquidity and institutional exposure. Analysts warn that exclusion could have triggered billions of dollars in forced selling across index-tracking funds.
More than 190 public companies now hold Bitcoin, with others adding Ether, Solana, and alternative digital assets. While the trend accelerated through 2024 and 2025, recent volatility has raised questions about long-term sustainability. MSCI’s pending review suggests the debate over crypto treasury models is far from over.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.