The world's largest index provider MSCI recently announced a key decision—temporarily retaining listed companies heavily invested in crypto assets within the global investable market indices. This shift directly alleviates the risk of capital outflows faced by companies like MicroStrategy. Following the announcement, MicroStrategy's stock price surged nearly 7% after hours.

In October last year, MSCI initiated a consultation plan to remove Digital Asset Treasury (DAT) companies from its indices. The rationale at the time was that these companies, holding large amounts of crypto assets, exhibited characteristics similar to investment funds and might no longer meet the traditional inclusion criteria for listed company indices. MSCI even proposed specific recommendations: companies with crypto holdings exceeding 50% of total assets should be excluded.

If this policy is implemented, the market expects nearly a hundred billion USD in passive fund outflows. The change in this decision stems from intensive communication with global institutional investors—generally, the investment community believes that the line between "operating companies" and "investment tools" is not so clear-cut. Faced with this disagreement, MSCI ultimately chose to maintain the status quo, allowing these digital asset companies to remain in the index constituents.