[DigitalToday reporter Sangyeop Oh] Strategy, the world's largest bitcoin-holding company, has for now cleared the risk of being excluded from Morgan Stanley Capital International (MSCI).

On Jan. 6 (local time), MSCI, a global stock index provider, decided to put on hold for the time being its plan to exclude digital asset treasury (DAT) companies from its index.

Strategy shares tumbled to $341 on Jan. 7 from a peak of $543 in November 2024. That is down about 37 percent from the peak. If it had been excluded from MSCI, it was highly likely to become a major negative for the stock, but MSCI’s decision helped Strategy avoid the worst-case scenario.

Earlier, JPMorgan warned that if Strategy is excluded from the MSCI index, outflows of $2.8 billion could occur.

Strategy is continuing its bitcoin-buying strategy. Despite posting a book loss of about $17.44 billion in the fourth quarter due to a sharp fall in bitcoin prices, the company bought an additional 1,286 bitcoins between Dec. 29 and Jan. 4. The purchase amount was about $116.3 million, and the average price was $90,391 per bitcoin.

Strategy currently holds a total of 673,783 bitcoins, accounting for more than 3 percent of bitcoin’s total issuance of 21 million.

Although MSCI decided not to exclude DAT companies from its index, it used the conditional phrase “for the time being,” leaving little room for complacency. MSCI said it is aware of investors’ concerns that some DAT companies have characteristics similar to investment funds, and it mentioned it would go through a broader process of gathering opinions in the future.

Moves in the U.S. Congress have also emerged as a major variable for Strategy. The U.S. Senate Banking Committee is set to conduct a revised review on Jan. 15 of the “market structure bill (Clarity Act).” The bill is drawing expectations that it will help resolve uncertainties facing the industry by clarifying whether digital assets are securities and regulatory jurisdiction.

Kim Hyunjung, a researcher at Kiwoom Securities, said, “This year, the institutionalization of virtual assets, including bitcoin, will begin in earnest.” She added, “We need to pay attention to the specific details of virtual-asset regulatory proposals at home and abroad and to global financial institutions such as JPMorgan introducing virtual-asset infrastructure.”