“MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table”, — write: www.coindesk.com
The move eases immediate pressure on companies like Strategy, which hold large amounts of bitcoin BTC$92,383.79 on their balance sheets but do not directly operate in the blockchain sector. A formal exclusion from MSCI indexes could have pushed institutional investors to divest, reducing demand for the stock.
Read more: Strategy surges 6% on MSCI decision not to exclude DATs from indexes
Still, analysts say the development may not be the end of the story.
“Consistent with what we’ve written previously, we are surprised by this clearly positive development,” wrote Lance Vitanza of TD Cowen. “What remains to be seen is whether this represents a victory for the defense or merely a stay of execution.” Vitanza rates MSTR stock a buy with a price target of $500, according to FactSet data.
Benchmark’s Mark Palmer, who is the top bull on the stock with a buy rating and $705 price target, saw the news as positive for the stock. “MSCI’s decision represents a welcome reprieve for Strategy, and it appears that the company’s arguments against the exclusion of digital asset treasury companies from the indexes may have had the intended impact.”
Read more: Michael Saylor’s MSTR Responds to Potential MSCI Exclusion
However, Palmer also echoed a cautious tone on the longer-term impact. “MSCI’s decision to consider the exclusion of non-operating companies from its indexes means that this episode is not yet over.”
The outcome is significant for crypto treasury firms broadly, as it has implications not just for Strategy but for any company that treats digital assets as a core component of its treasury operations. If MSCI revises its rules in the future to exclude non-operating firms more broadly, Strategy could face renewed scrutiny—and potentially lose its place in key market indexes.
However, it seems at least for now, it’s cautious optimism for firms like Strategy.
KuCoin captured a record share of centralized exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the broader crypto market.
- KuCoin recorded over $1.25 trillion in total trading volume in 2025equivalent to an average of roughly $114 billion per monthmarking its strongest year on record.
- This performance translated into an all-time high share of centralized exchange volumeas KuCoin’s activity expanded faster than aggregate CEX volumeswhich slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly spliteach exceeding $500 billion for the year, signaling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activityreinforcing 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 activityindicating structurally higher user engagement rather than short-lived volume spikes.
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New crypto tokens overwhelmingly lost value in 2025 as early liquidity, weak utility and misaligned distribution collided with a risk-averse market.
- About 85% of tokens launched in 2025 are trading below their initial valuations, with the median token down more than 70%, according to Memento Research.
- Broad exchange-led distribution and airdrops flooded the market with short-term traders, creating persistent selling pressure and weak alignment with product usage.
- Regulatory uncertainty and thin token utility left many new assets without a clear long-term value proposition in a market dominated by bitcoin outperformance.
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