Karla Barker 
Index provider delays controversial proposal
Strategy shares jumped more than 6% in after-hours trading on Tuesday. The move came after MSCI announced it wouldn’t proceed with a proposal to remove digital asset treasury companies from its benchmark indexes. The decision was supposed to happen during the February 2026 review, but now it’s on hold.
I think this matters because Strategy, which used to be called MicroStrategy, gets to stay in MSCI’s Global Investable Market Indexes for now. Other companies that hold Bitcoin on their balance sheets also remain included. The stock had actually fallen about 4% during regular trading on Tuesday, closing near $158. That’s roughly 67% below its July 2025 peak of $434, according to Yahoo Finance data.
Uncertainty remains despite the pause
While MSCI is keeping the current treatment of digital asset treasury companies for now, there’s still some uncertainty hanging over these firms. The question of whether they’ll continue to qualify for index inclusion in the future isn’t really settled. MSCI plans to launch a wider consultation about how to classify non-operating and investment-oriented companies.
Investors had warned that some of these companies resemble investment funds, which typically aren’t eligible for MSCI equity indexes. That’s the core issue here, I suppose. Until that broader review is complete, digital asset treasury companies that hold digital assets equal to at least 50% of their total assets will remain in the indexes if they’re eligible.
Restrictions apply during review period
There are some restrictions though. MSCI will freeze any increases in share counts or inclusion factors. They’ll also defer additions or size-segment upgrades. The original proposal to exclude these companies was introduced last October. At the time, there were concerns it could trigger up to $8.8 billion in investment outflows.
The change was seen as a potential risk to Strategy’s future funding and stock performance. The stock has been pretty volatile lately, especially with Bitcoin’s decline and general market instability. Strategy had urged MSCI’s Equity Index Committee to rethink the proposal. They argued it unfairly treats operational digital asset treasury companies as investment funds.
Strategy also warned that the move risked market disruption and conflicted with US digital finance policy. It’s interesting how these classification issues keep coming up in the digital asset space. Companies that hold significant crypto assets don’t fit neatly into traditional categories.
Looking ahead
For now, Strategy stock is up about 4% so far this year. The after-hours bounce suggests investors are relieved about the temporary reprieve. But the broader consultation MSCI plans could still lead to changes down the road. These classification debates aren’t going away anytime soon.
Perhaps what we’re seeing is the financial industry struggling to adapt its frameworks to new types of business models. Digital asset treasury companies operate differently from traditional corporations, but they’re not exactly investment funds either. Finding the right classification might take some time and more discussion.