Shares of Strategy moved higher after index provider MSCI decided to shelve plans to exclude crypto treasury firms from its global equity benchmarks, easing near-term concerns around forced selling and index-driven volatility. Digital asset treasury companies, which hold cryptocurrencies such as bitcoin as core balance sheet assets, gained prominence in 2025 as investors sought equity-based exposure to digital assets through traditional markets. MSCI’s earlier proposal to remove these firms was based on the view that they resemble investment vehicles rather than operating businesses, a classification that would have made them ineligible for inclusion. The pause removes an immediate technical overhang for these stocks, signaling that index providers are still grappling with how to categorize companies whose primary financial strategy involves holding volatile digital assets rather than deploying capital through conventional operations.
The decision has particular significance for Strategy, one of the earliest and most prominent adopters of the crypto treasury model. The firm’s shares have long traded as a proxy for bitcoin exposure, amplifying gains during market rallies and deepening losses during downturns. Analysts note that MSCI’s move does not settle broader questions around accounting treatment, valuation frameworks, or long-term index eligibility. Instead, it suggests a temporary compromise in which existing crypto treasury firms may be grandfathered into indexes while a wider consultation takes place. This outcome highlights the growing influence of digital asset-linked equities within traditional market infrastructure and the challenges index providers face as financial models evolve beyond established classifications.
More broadly, the episode underscores how crypto exposure is increasingly intersecting with mainstream capital markets through non-traditional corporate structures. Index inclusion plays a critical role in shaping demand from passive funds and institutional allocators, making classification decisions highly consequential for liquidity and price stability. By delaying exclusion, MSCI has effectively acknowledged that the line between operating companies and asset-holding entities is becoming less clear in an environment where balance sheet strategy itself can be a core business driver. As regulators, accountants, and index providers continue to refine their approaches, crypto treasury firms remain a test case for how legacy market frameworks adapt to financial innovation without amplifying systemic risk.
