MSCI keeps crypto treasury firms in indexes after review

MSCI has decided to keep digital asset treasury companies in its global indexes following investor feedback.

The decision lifted shares in Michael Saylor’s Strategy by 5.7% in after-hours trading.

MSCI said digital asset treasury companies will remain eligible while further analysis is conducted.

The index provider plans broader consultations to distinguish operating firms from investment-focused entities.

This broader review is intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes.

MSCI said.

MSCI defines digital asset treasury companies as firms with digital assets accounting for at least 50% of total assets.

Continued inclusion allows these companies to remain in passive index funds, supporting liquidity and demand.

Exclusion could have triggered billions of dollars in lost passive investment inflows.

Strategy is the largest crypto treasury company, holding more than 673,000 Bitcoin worth nearly $63bn.

The trend of corporate crypto treasuries gained momentum in 2024 and 2025.

Investor confidence weakened later in 2025 as concerns grew over the sustainability of such strategies.

MSCI said further study is needed before making permanent changes to index eligibility rules.

At the time of reporting, Bitcoin price was $92,490.79.