New York, January 8, 2026, 17:36 EST — After-hours
- Strategy shares rise about 3% in late trading as MSCI keeps crypto-treasury firms in its indexes, for now
- MSCI also freezes index share-count increases for the group, a curb on future weight changes tied to new issuance
- U.S. payrolls data due Friday is the next near-term catalyst for bitcoin-linked equities
Strategy Inc (MSTR.O) shares were up about 3.2% at $166.97 in after-hours trading on Thursday. The stock traded between $156.38 and $170.58 during the session. 1
The move comes after MSCI said it would not proceed with a proposal to exclude so-called digital asset treasury companies from its equity indexes as part of its February 2026 index review. MSCI defines those firms as companies whose digital asset holdings represent 50% or more of total assets. (Reuters – Jan. 6 MSCI decision)
That matters because MSCI benchmarks sit under a large pool of passive funds — vehicles that track an index and buy or sell stocks mechanically when rules change. Staying in the indexes removes a near-term risk of forced selling, but it does not fully clear the air.
MSCI also said it will not implement increases to the “Number of Shares” and certain inclusion factors it uses for index weights for securities on its preliminary list, and it will defer additions or size-segment changes for that group. Put simply: issuing more shares will not automatically lift index weight for these firms, which could mute index-linked buying on fresh issuance. 2
Some analysts framed the MSCI decision as a short-term relief rally in a volatile corner of the market. “It removes a material near-term technical risk” for stocks that act as proxies for crypto exposure, Owen Lau at Clear Street wrote, while Mike O’Rourke at JonesTrading said he suspected exclusion was simply pushed out to later in the year. (Reuters – Jan. 7 analyst reaction)
Strategy, formerly MicroStrategy, has become a liquid way for equity investors to express a view on bitcoin without buying the token directly. The stock slumped about 47.5% in 2025, underscoring how quickly sentiment can turn when crypto prices swing.
Bitcoin was little changed at about $91,096 on Thursday, after trading as low as roughly $89,312 and as high as $91,448 in the day’s range. Strategy shares often move with bitcoin because traders treat them as a high-beta stand-in for the token. 3
But the debate is not over. MSCI said investor feedback raised concerns that some digital-asset treasury firms resemble investment funds, and the index provider plans a broader review of non-operating companies. Any shift back toward exclusion — or a sharp leg down in bitcoin — would put the trade back under pressure.
In the near term, traders are watching Friday’s U.S. Employment Situation report, due at 8:30 a.m. ET. Risk assets from tech to crypto have been choppy ahead of the release. 4
Economists expect payroll gains of about 60,000 and unemployment at 4.5%, Reuters reported. A surprise in either direction could move rate bets, then spill into bitcoin and Strategy shares going into Friday, January 9. (Reuters – Jan. 8 payrolls preview)
