NEW YORK, Jan 8, 2026, 11:21 EST — Regular session
- Strategy shares rise again as investors weigh MSCI’s decision to keep crypto-treasury firms in key indexes for now
- MSCI said it will freeze some index-share updates for the group and open a broader review of “non-operating” companies
- Bitcoin slips, keeping the focus on whether the stock’s bounce can hold into MSCI’s February review
Strategy Inc shares rose on Thursday as investors digested MSCI’s decision to keep so-called digital asset treasury companies in its global benchmarks, at least through the next review.
The move matters because index membership can drive forced buying and selling from funds that track benchmarks. Losing that slot can turn into a mechanical hit, especially for stocks that already trade like crypto proxies.
MSCI is keeping the group in for now, but it is also tightening the screws. The index provider said it plans a broader consultation on “non-operating” companies, leaving the door open to tougher rules later. 1
Strategy shares were up 1.9% at $164.97 in morning trading, after swinging between $156.38 and $165.21. Bitcoin fell 1.1% to about $90,442.
Owen Lau, an analyst at Clear Street, said the MSCI decision removed a “material near-term technical risk” for equities that act as stand-ins for bitcoin exposure, while not settling the longer-term eligibility question. Mike O’Rourke, chief market strategist at JonesTrading, said he suspects exclusion has been pushed out, not scrapped. 2
MSCI’s fine print is what traders are chewing on now. The firm said it will not increase the share count or the inclusion factors it uses in index calculations for the affected stocks, and it will defer additions or size-segment moves tied to the preliminary list.
That could matter for Strategy because the stock’s appeal is not just bitcoin — it is the flow. If new shares do not translate into a bigger index footprint, the passive bid may not grow the same way, even if the company stays in.
Frank Chaparro, head of content at crypto market maker GSR, said weakness in digital-asset-treasury equities has been bleeding into broader crypto risk appetite, making index-related catalysts punch above their weight. He also said firms that function more like investment funds “should be evaluated differently and potentially excluded.” 3
But the trade still has an obvious fault line: bitcoin. A deeper slide in the token can swamp index headlines, and MSCI’s broader review could still land on stricter tests that change who qualifies and when.
Investors will look to MSCI’s February 2026 index review schedule next — with an announcement date of Feb. 10 and changes effective March 2 — for any new signal on how long the reprieve lasts. 4
