Shares of Strategy (MSTR) rallying in pre-market trading after MSCI announced that it will not exclude digital asset treasury companies (DATs) from its indexes during the February 2026 review. The Michael Saylor-led firm, which holds over $50 billion in Bitcoin as its primary treasury asset (more than 50% of total assets), had faced months of pressure.
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MSCI had flagged such firms for potential removal, viewing them as investment funds rather than operating businesses, making them ineligible under index rules. The news also pushed shares of similar cryptocurrency companies such as Bitmine Immersion (BMNR) and Sharplink Gaming (SBET) higher.
Temporary Relief for Crypto Treasury Holdings
MSCI stated, “Distinguishing between investment companies and other companies that hold non-operating assets, such as digital assets, as part of their core operations rather than for investment purposes requires further research and consultation with market participants.”
MSCI’s decision preserves Strategy’s index status, shielding it from billions in potential outflows from passive funds like ETFs (exchange-traded funds) tracking MSCI benchmarks.
While the pause is temporary, MSCI plans broader consultations on how to handle all non-operating assets across industries. However, MSCI will not raise share counts, inclusion factors, or migrate/add affected companies to new segments.
Is MSTR Stock a Buy?
On TipRanks, Strategy stock commands a Strong Buy consensus rating based on 12 Buys and two Hold ratings. The average Strategy price target of $467.75 implies an impressive 196% upside potential from current levels. Meanwhile, MSTR shares have lost 53.7% over the past year.
