Strategy’s stock rallies 5% after MSCI says will not bar DATs ‘for the time being’

MSCI Inc. announced that it will not immediately remove companies holding significant digital asset treasuries (DATs), such as Strategy (MSTR), from its Global Investable Market Indexes (GIMIs). This decision temporarily eases uncertainty for crypto-related equities, causing Strategy's stock to rally about 4.36% in after-hours trading. MSCI had previously considered a blanket rule to exclude firms where digital assets constitute 50% or more of total assets, arguing these entities function like passive investment funds ineligible for inclusion. Critics argued this proposal lacked index neutrality and faced methodological difficulties due to varying global accounting rules. While current DAT constituents will remain pending further review, MSCI confirmed it will launch a broader review of non-operating companies generally to establish new, consistent criteria for index eligibility, acknowledging the need to distinguish between investment-oriented entities and companies whose digital asset holdings are part of core operations, as argued by Strategy Chair Michael Saylor.

(Source：The Block)