MSCI Keeps MSTR in Indexes
MSCI Keeps MSTR in Indexes after deferring exclusion of digital-asset treasury companies, easing near-term index-driven selling risk.
KEY TAKEAWAYS
- MSCI deferred excluding digital-asset treasury companies from flagship indexes in the February 2026 review.
- The decision avoided immediate index-driven forced selling estimated up to $2.8 billion for Strategy Incorporated.
- Strategy Incorporated holds nearly $63 billion in bitcoin, the largest publicly traded corporate holding.
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Strategy Incorporated benefited on Jan. 7, 2026, after MSCI decided not to exclude digital-asset treasury firms from its flagship benchmarks, easing near-term pressure as bitcoin declined.
MSCI Preserves Digital Asset Treasury Company Inclusion
MSCI concluded its February 2026 index review by opting not to reclassify or exclude digital-asset treasury companies (DATCOs) from its flagship equity indexes. The decision maintains current index inclusions for DATCOs that continue to meet existing eligibility criteria, preserving the status quo for market membership.
The provider will exclude new shares issued by DATCOs to fund digital-asset purchases when calculating index weightings. This change prevents fresh issuance from inflating a firm’s benchmark representation, narrowing a pathway for index-driven shifts tied to corporate digital-asset acquisitions.
MSCI also signaled it will conduct further research and consultation to distinguish operating companies from investment-oriented entities, leaving open the possibility of future reclassification. This frames the decision as interim rather than final on the broader index design question.
Implications for Strategy Incorporated
Strategy Incorporated holds nearly $63 billion in bitcoin, the largest publicly traded corporate holding. This concentration placed the company at the center of debates over how index providers should treat firms with significant digital-asset treasuries.
The interim decision avoids immediate index-driven forced selling estimated at up to $2.8 billion for Strategy Incorporated, reducing mechanical outflow risk tied to potential reclassification. Removing this near-term trigger lowers a direct channel through which benchmark changes could have forced reallocations by funds tracking MSCI indexes.
The proposed exclusion faced opposition from Strategy Incorporated and industry participants, who argued that reclassification could distort index neutrality and compel managers to adjust holdings regardless of operating performance. These concerns helped keep the company within the existing index framework.
Shares of Strategy Incorporated rose more than 4% after the decision, reflecting investor relief at the removal of an immediate structural threat. MSCI’s commitment to further study leaves the longer-term picture unresolved, with future reclassification remaining a material variable. Investors and corporate managers will watch subsequent consultations and policy updates closely, as changes could again influence passive flows and financing decisions.
