TL;DR
- MSCI will keep digital-asset treasury (DAT) companies in its indexes for now, easing concerns about forced selling.
- Stocks like Strategy (MSTR) rallied ~6.8% after-hours on the news, with other DATs also advancing.
- The firm is conducting a broader review to better classify companies that hold crypto on their balance sheets.
MSCI will, for now, keep digital-asset treasury companies inside its benchmark indexes. The provider said no immediate change applies to firms whose crypto holdings top 50% of total assets. Markets read the signal as a reprieve for Bitcoin-exposed equities, with Strategy — the company linked to Michael Saylor — at the center of the reaction.
The notice follows a consultation opened in October, when MSCI examined eligibility rules for digital-asset treasury companies (DATs) ahead of a February rebalance. The firm confirmed it maintains the current framework for names on the preliminary list and, in parallel, opens a broader review to distinguish investment companies from operating companies that integrate digital assets into core activity.
MSCI confirmed Digital Asset Treasury Companies will remain in MSCI Indexes for the Feb 2026 review. A strong outcome for neutral indexing and economic reality. Thank you to our investors and the $BTC community.
— Strategy (@Strategy) January 6, 2026
Strategy welcomed the outcome, calling it “a strong result for neutral indexing and economic reality.” The company holds 673,783 BTC on balance sheet, positioning it as the largest corporate vehicle exposed to the asset.
Traders reported fresh buying after the update
MSTR gained about 6.8% in after-hours trading to $168.6, based on extended-session prints. Other DATs such as Bitmine Immersion, Sharplink, and Twenty One Capital (XXI) also advanced. Desk commentary highlighted how passive-selling pressure eases when the risk of index removal recedes, opening room for tactical entries and short covering.
A removal of DATs from GIMI could have forced selling by index funds and rules-based mandates that follow MSCI. By pausing any change, the provider reduces technical friction, avoids unwanted supply shocks, and preserves continuity for allocators who use the indexes as a benchmark.
MSCI indicated it will clarify how digital assets function within each issuer’s operations. Equity analysts expect tighter operational criteria on revenue generation, business drivers, and accounting exposure to tokens. A clearer framework can organize the investable universe without penalizing balance-sheet holdings when such exposure does not dominate activity.
Strategy reinforced its narrative after volatile weeks for Bitcoin and crypto-linked equities. Management disclosed a strengthened U.S.-dollar reserve for preferred dividends and debt service, while accelerating BTC purchases via at-the-market equity issuance. With the MSCI pause, portfolio managers cite improved visibility for flows into DATs in the near term.
Institutional investors are monitoring three variables: index eligibility, secondary-market liquidity, and accounting risk stemming from price volatility. If MSCI preserves the status quo during the review and market volume holds on up-moves, names such as MSTR can capture performance from reallocations by funds that track or reference the global indexes.
