Strategy surges 6% on MSCI decision not to exclude DATs from indexes

• Strategy (MSTR) shares rose 6% in after-hours trading after MSCI's decision on digital asset treasury companies.
• MSCI stated that distinguishing between investment companies and those holding digital assets requires further research.
• The current index treatment for companies with digital assets making up 50% or more of their total assets will remain unchanged.

Strategy (MSTR) is ahead 6% in after-hours trading on Tuesday after MSCI decided not to exclude digital asset treasury companies (DATs) from its indexes.

"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," said MSCI in a statement. "For instance, assessing index eligibility across a range of these types of entities may require additional inclusion assessment criteria, such as financial-statement-based or other indicators."

"For the time being, the current index treatment of DATCOs identified in the preliminary list published by MSCI of companies whose digital asset holdings represent 50% or more of their total assets will remain unchanged," MSCI continued.

The announcement was one of the most-watched catalysts for DATs, as their potential exclusion would mean not just Strategy, but those firms aiming to mimic that company, could lose billions in passive capital inflow.

With the possible negative news now lifted, capital might start to flow back into some of the treasury companies, potentially boosting market sentiment. Other DATs, such as Bitmine Immersion (BMNR), Sharplink (SBET), and Twenty One Capital (XXI), also saw modest bumps in after-hours trading.

Under pressure for most of the day, bitcoin also added about 1% on the news, now trading around $93,500.

Read more: JPMorgan Warns MSCI Decision Could Force Strategy Out of Top Equity Indices

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

• FIL slipped 3.6% to $1.54.
• The CoinDesk 20 index was 3.6% lower at publication time.

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