MSCI said it will continue to include digital asset treasury companies in its global equity indexes, following feedback from investors and pending a deeper review of how non-operating firms should be classified.
Shares of Strategy, founded by Michael Saylor, rose 5% after the announcement, as MSCI confirmed it would not move ahead with plans to remove crypto-focused treasury firms from its benchmarks for now.
In a statement released Tuesday, MSCI said digital asset treasury companies will instead be subject to a broader consultation process. The review aims to better distinguish between traditional operating companies and firms whose primary activity involves holding digital assets.
MSCI noted that the process is intended to preserve consistency with the objectives of its indexes, which are designed to track the performance of operating businesses rather than investment-style entities. Under MSCI’s framework, digital asset treasury companies are defined as firms where digital assets account for at least 50% of total holdings.
By maintaining their inclusion, these companies remain eligible for passive index funds. This helps sustain liquidity, supports institutional participation, and preserves demand from index-tracking investors. An exclusion could have resulted in billions of dollars in passive capital outflows from affected firms.
Strategy, the world’s largest crypto treasury company, currently holds 673,783 Bitcoin. The stock fell 4.1% during regular trading on Tuesday but rebounded sharply in after-hours trading following the MSCI decision, according to market data.
The use of corporate digital asset treasuries gained momentum throughout 2024 and 2025, as more institutions added cryptocurrencies to their balance sheets. However, many of these companies saw share prices decline in the second half of 2025, as investors questioned the long-term viability of debt-funded crypto accumulation strategies.
More than 190 publicly listed companies now hold Bitcoin as a reserve asset. In addition, dozens of firms have launched treasury strategies involving Ether, Solana, and other digital assets over the past year, highlighting the growing institutional role in the crypto market.
