MicroStrategy Shares Rally as MSCI Decides to Keep Crypto Firms in Global Indexes

2026-01-07 companies

New York, Wednesday, 7 January 2026.
Avoiding a potential exodus of passive capital, the stock jumped 6% after the index provider shelved immediate plans to exclude companies holding major bitcoin reserves.

Immediate Market Reaction

Shares of MicroStrategy (MSTR) surged 6% in after-hours trading on Tuesday, January 6, following a pivotal announcement from index provider MSCI [1][2]. The firm declared it would not proceed with a proposal to exclude digital asset treasury companies from its global equity indexes during the upcoming February 2026 Index Review [2]. This decision alleviates immediate fears regarding the potential forced outflow of billions of dollars in passive capital, which had weighed on the stock as investors braced for the possibility of exclusion [1]. The relief rally extended to other equities in the sector, with Bitmine Immersion shares climbing 3.5% and smaller gains recorded for firms such as Sharplink and Twenty One Capital [1][2].

A Conditional Reprieve

While the decision ensures MicroStrategy retains its place in major institutional benchmarks for the time being, MSCI has implemented significant restrictions on how these securities will be treated moving forward [2][4]. The index provider specified that it will not implement increases to the Number of Shares (NOS) or inclusion factors for these companies [2]. Consequently, while MicroStrategy can remain in the index, its weighting will effectively be capped; the firm’s index influence will not grow even as it issues new shares to fund further Bitcoin acquisitions [3]. This nuance highlights MSCI’s cautious approach toward companies where digital asset holdings represent 50% or more of total assets [2].

The ‘Non-Operating’ Asset Debate

This ruling is particularly critical given the scale of MicroStrategy’s exposure to cryptocurrency. As of late 2025, the company held over 671,268 Bitcoin, having spent $22 billion to acquire 223,800 coins in that year alone [6]. With these holdings now representing approximately 99% of the company’s enterprise value—totaling over $60 billion—MicroStrategy effectively operates as a proxy for the digital asset rather than a traditional software firm [4]. MSCI has acknowledged this structural anomaly, stating that distinguishing between operating companies and investment vehicles holding non-operating assets requires “further research and consultation” [1]. The provider plans to launch a broader review to determine if such entities should be classified alongside investment funds, which are typically ineligible for these indexes [2][5].

Broader Market Context

While MicroStrategy stock reacted sharply to the news, the underlying asset, Bitcoin, saw a more muted response, increasing by approximately 1% to trade around $93,500 following the announcement [1]. This divergence suggests that the market viewed the MSCI decision as a specific structural win for corporate treasury models rather than a broad catalyst for crypto asset prices. Meanwhile, institutional interest in the sector continues to evolve, evidenced by Morgan Stanley’s recent filing to develop passive investment tools focused on Bitcoin and Solana [5]. For now, the Michael Saylor-led firm avoids expulsion, but the long-term debate over the role of crypto-heavy balance sheets in general equity indices remains open [4].

Sources

MicroStrategy MSCI