#What is the Impact of MSCI's Decision on Strategy's Stock?
The stock of Strategy, previously known as MicroStrategy, experienced a notable increase of over 6% in after-hours trading on Tuesday. This gain followed MSCI's announcement that it will not exclude digital asset treasury companies from its benchmark indexes in the upcoming February 2026 review.
Before the announcement, Strategy shares had declined approximately 4%, closing around $158. This valuation is roughly 67% lower than the stock's peak of $434 in July 2025. So far this year, the shares have increased by about 4%.
The decision is significant as it allows Strategy to continue being part of MSCI’s Global Investable Market Indexes, which also include firms holding Bitcoin on their balance sheets. However, despite the current decision, uncertainty persists regarding the future qualification of digital asset treasury firms for index inclusion.
Why is There Uncertainty About the Future of Digital Asset Treasury Firms?
The MSCI plans to hold a broader consultation on how to classify non-operating and investment-oriented companies. This has arisen from concerns expressed by investors about certain firms that might resemble investment funds, which are ineligible for MSCI equity indexes.
Even though MSCI is currently maintaining its treatment of digital asset treasury companies, the launch of this upcoming consultation means there is no long-term assurance regarding index inclusion for Strategy. For now, digital asset treasury companies with digital assets constituting at least 50% of their total assets will continue to be included in the indexes if they meet eligibility criteria. However, MSCI will freeze any increases in share amounts or inclusion factors and postpone any additions or size-segment upgrades.
The proposal to exclude these companies was introduced in October and raised alarms about potential investment outflows, which could reach up to $8.8 billion. This scenario poses a risk to Strategy’s funding and stock performance, especially amid market volatility and Bitcoin's price decline.
In response to these developments, Strategy has urged MSCI’s Equity Index Committee to reconsider the exclusion proposal, arguing that it unfairly categorizes operational digital asset treasury companies as mere investment funds. They assert that doing so could disrupt the market and contradict existing US digital finance policies.