MSCI announced on 6 January 2026 that it would not implement its proposed exclusion of digital asset treasury (DAT) companies from its Global Investable Market Indexes, prompting Strategy (MSTR) shares to jump about 6% in after‑hours trading. The decision removed an immediate risk of forced passive outflows and reassured investors about index classification for firms holding material crypto treasuries.
Equity markets reacted swiftly: Strategy’s after‑hours move reflected a relief rally by institutional and retail holders who had priced in a possible index exclusion. Analysts had warned that exclusion could trigger substantial passive selling; one large bank estimated MicroStrategy alone might face roughly $2.8 billion of divestment, with a broader potential impact up to $11.6 billion if other index providers followed suit.
The outcome arrived ahead of an anticipated 15 January conclusion to the review and followed a consultation period that closed on 31 December 2025.
Why MSCI’s call mattered for DAT treasuries
MSCI’s reversal preserved index exposure for companies that treat crypto as an operational treasury rather than an investment fund. MicroStrategy engaged directly with MSCI during the consultation, arguing that DAT firms operate under different commercial models and that a hard 50% digital‑asset threshold would be an arbitrary classification with material market consequences.
The firm’s outreach, led by CEO Michael Saylor, was followed by investor scrutiny of passive index mechanics and rebalancing risk. Had the exclusion been implemented, passive funds that track MSCI benchmarks could have been forced sellers, amplifying price pressure across both equity and crypto markets.
Investors are now turning their attention to the remaining stages of MSCI’s process and the scheduled 15 January 2026 index timeline, which will test whether this reprieve becomes a durable policy stance.
For traders and corporate treasuries, the episode underscored how index methodology, passive flows and classification rules can quickly translate into concentrated price moves; leverage will amplify those moves for market participants positioned on either side of the trade.
