Strategy Stock Jumps After MSCI Keeps Digital Asset Treasury Companies in Indexes

Strategy (MSTR) surged roughly 6% in after-hours trading on Tuesday after MSCI announced it would not exclude digital asset treasury companies (DATs) from its major indexes, easing investor concerns about potential capital outflows. The decision removed a key overhang that had weighed on Strategy and other firms holding large amounts of digital assets on their balance sheets.

In a statement, MSCI said that distinguishing between traditional investment companies and operating companies that hold non-operating assets such as digital assets requires additional analysis. According to MSCI, some companies hold digital assets as part of their core operations rather than purely for investment purposes, making classification more complex. The index provider added that determining eligibility for these entities may require new assessment criteria, including financial-statement-based indicators or other qualitative measures.

For now, MSCI confirmed that the current index treatment of digital asset treasury companies will remain unchanged. This applies to firms identified in its preliminary list where digital asset holdings account for 50% or more of total assets. This clarification reassured markets, as potential exclusion from MSCI indexes could have resulted in billions of dollars in lost passive investment inflows tied to index-tracking funds.

The announcement was closely watched across equity and crypto markets, particularly by investors in companies seeking to emulate Strategy’s balance-sheet approach to holding bitcoin and other digital assets. With the immediate risk of exclusion lifted, analysts suggest capital could begin flowing back into these stocks, potentially improving overall market sentiment toward digital asset treasury strategies.

Other DAT-related stocks, including Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI), also posted modest gains in after-hours trading following the news. The positive momentum extended to the broader crypto market, with bitcoin rebounding about 1% and trading near $93,500 after spending much of the day under pressure.

Overall, MSCI’s decision provides short-term stability for digital asset treasury companies and their investors, while signaling that further research and industry consultation may shape future index inclusion rules.