By keeping these firms eligible for major indexes, Morgan Stanley Capital International eased fears of forced passive outflows and preserved institutional access to crypto-heavy balance sheets. The move offers temporary relief to companies like Strategy, even if there are still some longer-term questions around how crypto-focused corporate strategies will be classified due to market volatility.
MSCI Backs Off Crypto Exclusion
Shares in Michael Saylor’s Strategy rebounded sharply after Morgan Stanley Capital International signaled that digital asset treasury companies will remain eligible for inclusion in its major market indexes, at least for now.
In a note that was published on Tuesday, Morgan Stanley Capital International said it decided not to immediately exclude digital asset treasury companies, often referred to as DATCOs, from its indexes. The index provider clarified, however, that such firms will be subject to a broader consultation process to better distinguish between traditional operating companies and those whose primary activities resemble investment vehicles built around digital assets.
MSCI defines digital asset treasury companies as firms where cryptocurrencies or other digital assets account for 50% or more of total assets. The firm said the ongoing review is intended to preserve the integrity and objectives of its indexes, which are designed to measure the performance of operating businesses rather than investment-focused entities. While this language introduces some uncertainty about the long-term classification of DATCOs, the decision to delay any immediate exclusion was welcomed by the market.
The announcement helped trigger an after-hours rally in shares of Strategy, which is the world’s largest corporate holder of Bitcoin. Although Strategy shares fell roughly 4.1% during regular Tuesday trading, they surged about 5% in after-hours trading after the MSCI update, according to CoinCodex data. Strategy currently holds 673,783 BTC, which makes its stock particularly sensitive to changes in index eligibility and institutional capital flows.
Strategy stock price over the past 24 hours (Source: CoinCodex)
Had MSCI opted for immediate exclusion, Strategy and other digital asset treasury firms could have faced the loss of billions of dollars in passive index fund inflows. Continued inclusion means these stocks are still accessible to index-tracking funds, which helps support liquidity and helps sustain demand from institutional investors who rely on benchmark-based allocations.
The debate around digital asset treasury companies intensified as the strategy of holding cryptocurrencies on corporate balance sheets gained traction throughout 2024 and 2025. More than 190 publicly traded companies now hold Bitcoin, while dozens of others have added Ethereum, Solana, and various altcoins to their treasuries.
Companies holding BTC (Source: BitcoinTreasuries.NET)
However, the sharp volatility seen in crypto markets during the second half of 2025 raised important questions about the long-term sustainability and risk profile of these approaches. For now, MSCI’s decision provides temporary relief to digital asset treasury companies and their shareholders.
