Strategy Incorporated (NASDAQ:MSTR) shares rose more than 4% following news that American finance firm MSCI will, for now, maintain the company’s inclusion in its major equity indexes.
The move provides a reprieve for the Bitcoin-heavy firm, which had faced the prospect of being excluded under a proposed policy change. MSCI had been consulting on a plan to remove “Digital Asset Treasury Companies” from its key benchmarks if digital asset holdings accounted for roughly 50% or more of total assets.
The rationale was that these firms increasingly resemble investment funds rather than traditional operating companies, which MSCI typically excludes from equity indexes.
Under the latest announcement, MSCI will keep digital asset treasury companies in its indexes for the February 2026 review. However, the firm plans a broader consultation on how to classify “non-operating” companies with large digital asset holdings, signaling that new rules could be introduced in the future.
"Distinguishing between investment companies and other companies that hold non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes requires further research and consultation with market participants," MSCI said in a statement.
"For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators."