Shares of Strategy Inc. surged in extended trading on Tuesday after global index provider Morgan Stanley Capital International (MSCI) announced it would not proceed with its previously proposed exclusion of digital asset treasury firms from key equity benchmarks. This move eased significant market uncertainty for the Bitcoin-heavy company and others in the sector.
Following the announcement, Strategy’s stock climbed approximately 5%–6% in after-hours trading, according to market data — a roughly 5.7% increase, as referenced by analysts tracking the reaction.
MSCI shared a note dated Tuesday, highlighting that digital asset treasury companies (DATCOs) will participate in an extensive discussion that will enable them to effectively distinguish between investment firms and businesses that hold digital assets as a crucial part of their operation.
The American finance company further stated that, “This broader review aims to maintain consistency and ensure alignment with the overall goals of the MSCI Indexes, which focus on measuring the performance of operating companies while excluding entities whose main activities are investment-related.”
MSCI embraces and adopts a massive plan in its operation
After several considerations, reports revealed that MSCI decided to classify DATCOs as firms where digital assets comprise around 50% or more of their total assets. Notably, the inclusion of DATs in this situation assures the companies continue to qualify for passive index funds. These funds are essential for their operations, as they help companies maintain stable demand and liquidity while increasing institutional ownership of digital assets.
On the other hand, sources claimed that if, by any chance, DATs are excluded from this broader picture, then Strategy and other DATs could face substantial losses worth billions, especially in passive capital inflows.
Following this announcement, data from Google Finance indicated that the largest crypto treasury company, Strategy, which holds approximately $63 billion in Bitcoin, experienced a considerable rise of around 5.7% in its shares after-hours trading.
Analysts also weighed in on the topic of discussion. They acknowledged that the development of DATs was established as a worldwide trend, specifically among institutions in 2024 and 2025.
However, many individuals revealed facing sharp declines in the price of their shares in the second half of 2025. This scenario sparked concerns in the ecosystem as many began questioning the sustainability of such strategies.
Morgan Stanley decided to explore the crypto market
As uncertainties surrounding the crypto industry continue to escalate, recent reports have disclosed that US investment bank Morgan Stanley has successfully submitted a filing to the US Securities and Exchange Commission (SEC) requesting permission from the agency to develop two cryptocurrency exchange-traded funds (ETFs).
Sources close to the situation, who wished to remain anonymous, pointed out that one fund is intended to concentrate on Bitcoin, while the other will primarily focus on Solana.
Interestingly, apart from the growing uncertainties in the crypto industry, analysts discovered that this significant milestone comes at a time when Wall Street companies are considering alternatives in regulated digital asset products.
Meanwhile, documents filed with the SEC on Tuesday, January 6, highlighted that the planned Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust will function as passive investment tools that can effectively hold and closely track the value of the underlying cryptocurrencies.
Additionally, the documents revealed that these two funds aim to ensure their shares are listed on public exchanges, which are typically detailed in later 19b-4 filings rather than the initial S-1 forms.
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