Shares of Strategy Inc., the cryptocurrency-heavy firm led by billionaire Michael Saylor, climbed Wednesday after global index provider MSCI announced that it will not go ahead with earlier plans to remove digital asset treasury companies from its major stock indexes.
The decision spurred a rebound in Strategy’s stock, which surged in premarket trading as investors welcomed the reprieve. MSCI previously proposed excluding companies whose primary assets are digital currencies such as Bitcoin and Ether, sparking concerns that index-tracked funds might be forced to sell shares of those firms.
Digital asset treasury companies — often called DATCOs — saw rapid growth in 2025 as firms increasingly held cryptocurrencies as key treasury assets, offering investors a way to gain direct exposure to crypto markets. However, market observers have questioned whether these firms should be classified as operating businesses or investment vehicles for index inclusion purposes.
“While this decision does not resolve longer-term questions around the index eligibility of DATCOs, it removes a material near-term technical risk for a subset of public equities that function as effective proxies for Bitcoin/crypto exposure,” said Clear Street analyst Owen Lau.
MSCI said it plans to open a broader consultation on how to treat non-operating companies more generally, suggesting that criteria for industry inclusion may be re-evaluated later this year. Analysts say the move offers temporary relief to Strategy and similar firms, while leaving the debate over index standards unresolved.
For more news and reports on emerging technologies, including AI, robotics, cybersecurity, blockchain, gaming and the evolving gig economy, visit the home page of The Gignomist.