Global index provider MSCI is considering a new rule that could trigger substantial selling pressure on crypto treasury companies, potentially forcing them to sell as much as $15 billion in cryptocurrency. The proposal, which has sparked debate within the crypto and financial communities, would exclude companies from MSCI's Global Investable Market Indexes if 50% or more of their assets are held in digital assets like Bitcoin. The final decision is expected on January 15, 2026, with implementation in February 2026.
The proposed rule targets companies whose primary business involves Bitcoin or other digital-asset treasury management. This includes firms like Strategy Inc. (formerly MicroStrategy), American Bitcoin Corp (ABTC), and numerous others globally that have adopted Bitcoin as a treasury reserve asset. Strategy, a major software and business-intelligence firm, has been particularly vocal in its opposition to the potential rule change.
A group named BitcoinForCorporations is campaigning against MSCI's proposal, projecting significant outflows if the index provider excludes crypto treasury companies. They estimate that affected companies, with a total adjusted circulating market capitalization of $113 billion, could face outflows of $10 billion to $15 billion. JPMorgan analysts estimate that Strategy alone could experience a $2.8 billion outflow if removed from the MSCI index.
Strategy has formally responded to MSCI, arguing that the proposed rule could negatively impact capital flows into the crypto sector and alter passive investment exposure. They also contend that Bitcoin mining firms and other digital-asset-intensive businesses could be indirectly affected. Michael Saylor, Executive Chairman and Founder of Strategy, confirmed the submission of the letter to the MSCI Equity Index Committee, urging further review of the proposal.
The coalition, Bitcoin for Corporations, has outlined a series of demands for MSCI, including withdrawing the proposed 50% digital-asset exclusion, preserving the operations-based definition of "primary business," adhering to regulatory standards separating operating companies from investment funds, and ensuring continued asset-class neutrality.
MSCI's consultation period is set to conclude on December 31, 2025. Organizations focused on corporate Bitcoin adoption view this debate as a critical test of whether digital asset treasuries will receive equal treatment within the global financial infrastructure.
Some analysts believe that clearer rules regarding corporate classification could ultimately benefit the crypto space by removing uncertainty for both issuers and investors, potentially enhancing long-term institutional confidence. However, the short-term impact could be uncomfortable for stocks built around Bitcoin holdings.
The debate raises questions about whether MSCI's proposal is treating digital assets consistently with other balance-sheet exposures, such as real estate, commodities, or cash. Strategy argues that the proposed rule is discriminatory and inconsistent with traditional classifications, as it singles out digital assets while not applying similar scrutiny to companies with concentrated holdings in other asset classes.
