Strategy (MSTR) gained 6% in after-hours trading on Tuesday after MSCI said it would keep the current index treatment for digital asset treasury companies. The decision mattered because an exclusion could have cut off a major source of passive capital for firms built around large digital asset holdings.
MSCI says more work is needed before changing index treatment
In its statement, MSCI said it still needs more research and consultation with market participants before drawing a clear line between investment companies and other businesses that hold non-operating assets such as digital assets as part of their core operations. The index provider said eligibility across these entities may require additional assessment criteria, including financial-statement-based measures or other indicators.
For now, MSCI said the current treatment will stay in place for the companies identified in its preliminary list. That list covers firms whose digital asset holdings account for 50% or more of total assets.
Relief for a closely watched group of treasury companies
The announcement had been one of the main catalysts for the sector. A removal from MSCI indexes could have affected not only Strategy, but also other companies trying to follow the same model, by reducing their access to passive inflows tied to index inclusion.
With that risk set aside for the moment, some capital may return to the group. Other digital asset treasury names also posted modest after-hours gains, including Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI).
Bitcoin adds about 1% after the announcement
Bitcoin, which had been under pressure for much of the day, also moved higher on the news. It was up about 1%, trading around $93,500. The market reaction showed that MSCI’s decision was being watched not just by equity investors, but across the broader digital asset space as well.