NEW YORK, Jan 7, 2026, 13:44 (EST) — Regular session
- Strategy shares outperformed after MSCI paused a plan that could have knocked crypto-treasury firms out of indexes
- Bitcoin eased and U.S.-listed crypto-linked stocks were mixed in regular trading
- Traders are watching ETF flows and Friday’s U.S. payrolls report
Strategy shares rose on Wednesday after MSCI backed away from a plan that could have pushed the bitcoin-heavy company out of major benchmarks, even as bitcoin slipped. Bitcoin was down about 0.7% at $91,253 and Strategy was up about 2% in afternoon trade; Coinbase fell about 2.5%.
MSCI said on Tuesday it would keep the current treatment of “digital asset treasury companies” — firms it defines as having crypto holdings worth at least 50% of total assets — and open a broader consultation on how non-operating companies should be handled. Strategy called the decision “a strong outcome for neutral indexing and economic reality” in a post on X after the update. 1
For the stocks, the stakes are mechanical: staying in widely used MSCI indexes can matter for passive funds that track them. DATCOs became popular last year as companies piled into bitcoin and ether, offering a proxy for direct exposure. “It removes a material near-term technical risk,” Owen Lau, an analyst at Clear Street, said, while flagging that the longer-term eligibility debate is still open. 2
Morgan Stanley Investment Management said it filed initial registration statements with the SEC for a Morgan Stanley Bitcoin Trust and a Morgan Stanley Solana Trust, both structured as passive exchange-traded products designed to track the token prices. The proposed listings would add to a crowded U.S. menu of crypto-linked products aimed at investors who want exposure through brokerage accounts. 3
Flows have been a headwind. U.S. spot bitcoin ETFs — exchange-traded funds that hold bitcoin directly — saw $697.2 million of net inflows on Monday but flipped to $243.2 million of net outflows on Tuesday, Farside Investors data showed; Fidelity’s FBTC led redemptions while BlackRock’s IBIT still took in $228.7 million. 4
Bitcoin’s pullback left crypto-linked shares uneven. The iShares Bitcoin Trust ETF fell about 1.5% on the day, while miners Marathon Digital and Riot Platforms traded in opposite directions.
Macro data gave traders another reason to keep positions light. U.S. job openings fell more than expected in November and hiring eased, a JOLTS report showed, while economists polled by Reuters expect Friday’s payrolls report to show only a modest rise in December jobs. 5
The setup can still turn quickly. Bitcoin hovering near the $90,000 level keeps downside risk in play for the higher-beta “treasury” stocks, and MSCI’s broader review could yet revive the exclusion question later this year.
Next up: the U.S. employment report is due at 8:30 a.m. ET on Friday, followed by December consumer prices on Jan. 13. The Federal Reserve’s next policy decision comes Jan. 28 after a two-day meeting. 6
