Preface

Strategy (MSTR) shares experienced a 6% increase in after-hours trading, attributed to MSCI's pivotal decision to retain digital asset treasury (DAT) companies within its indexes. This decision underscores the importance of digital assets in the financial markets and avoids disrupting current market dynamics. The outcome reflects on the complexity of differentiating between investment-focused entities and those integrating digital assets into core operations.

Lazy bag

Key takeaway: Strategy shares climbed 6%, thanks to MSCI's choice to maintain DAT companies in their indices—an important relief for market participants.

Main Body

In a significant market development, Strategy (MSTR) shares rose by 6% in after-hours trading following an announcement by MSCI that has far-reaching implications for digital asset treasury companies (DATs). The market awaited the potential exclusion of these companies from MSCI's indexes, a move that could have wrested a substantial amount of passive capital from them. MSCI expressed that more research and consultations are essential to adequately classify companies that hold digital assets, not solely for investment purposes but as part of their operational baseline. MSCI emphasized the need for more comprehensive index eligibility criteria to effectively assess such entities.

MSCI's current treatment of DATCOs identified on their preliminary list—where digital asset holdings constitute 50% or more of their total assets—will remain unchanged, offering stability to the market. The resolution of this uncertainty may invite capital back into treasury companies, potentially improving market sentiment. Other companies in this space, namely Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI), also experienced modest after-hours trading upticks.

The announcement proved to be a pivotal market catalyst. It not only bolstered sentiment but also showcased the necessity of integrating digital assets into mainstream financial frameworks. BTC also registered an increase of about 1%, trading approximately at $93,500 as the market responded positively to the news. The potential ramifications of losing top companies like Strategy from certain indexes brought forth the interconnectedness of global equity markets with the volatile digital assets domain. Despite the market complexity, the announcement provided a reprieve, bolstering investor confidence.

Additionally, the decision aligns with broader market trends, as outlined in recent reports which showcased KuCoin's record $1.25 trillion trading volume in 2025. This reflects not only on the adoption of digital assets but also on user engagement that persists even when traditional crypto volumes decline. Altcoins, outperforming the giants like BTC and ETH, have re-emphasized platforms like KuCoin as key liquidity venues.

While the news was beneficial, industry leaders and stakeholders continue to ponder over future regulatory changes, notably in regions like the U.S. As the crypto market grapples with evolving legislation, the sector remains poised for future growth driven by strategic decisions from companies like MSCI. The broader impact of such decisions showcases the delicate balance and influence digital assets hold on market sentiments and financial indices.

Key Insights Table

Aspect	Description
Strategy Share Increase	Shares rose 6% after MSCI’s decision to include DATs.
MSCI's Index Decision	Complex analysis required before differentiating DATs from investment firms.

Last edited at：2026/1/6