msci

London A controversial proposal by global index provider MSCI has sparked a revolt among corporate Bitcoin holders, threatening to trigger a $15 billion liquidity shock across equity markets just weeks into 2026.
At the heart of the conflict is a consultation paper released by MSCI in October 2025. The firm proposes excluding any company from its flagship Global Investable Market Indexes if digital assets comprise 50% or more of its balance sheet. MSCI argues that such high concentrations effectively turn these firms into investment vehicles rather than operating businesses.
The "Strategy" Defense
The proposal appears squarely aimed at Strategy (formerly MicroStrategy), the enterprise software firm turned Bitcoin treasury giant. Under the leadership of Michael Saylor, Strategy holds over $60 billion in Bitcoin, easily breaching the proposed 50% threshold.
In a strongly worded letter to the MSCI Equity Index Committee dated December 10, Strategy argued the rule was "arbitrary and discriminatory," noting that companies heavily exposed to single assets like real estate or gold face no such exclusion.
The $15 Billion Risk
The BitcoinForCorporations coalition warns that the rule would force passive index funds to liquidate positions in 39 different companies.
JPMorgan analysts estimate that Strategy alone could see $2.8 billion in forced selling.
Broader estimates place the total sector impact at $15 billion.
"This rule would punish companies for modernizing their treasury assets," said a spokesperson for the coalition. "It effectively creates a ceiling on how much innovation a public company is allowed to hold on its books."
What Happens Next?
MSCI’s consultation period closes on December 31, 2025. A final decision will be announced on January 15, 2026, with any changes taking effect during the February index review. If the proposal passes, the crypto equity sector could face its most significant volatility event of the year before the first quarter is even halfway through.
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Crypto treasury shock risk: MSCI's proposed rules could force $10–$15 BILLION in selling by crypto balance-sheet companies if they're dropped from major indexes. Passive funds will have to unload, starting with firms such as Strategy, Riot, and Marathon. January 15 is the date to watch.
Context in a Nutshell
A proposed rule from MSCI, the global index provider, could fundamentally reshape how corporate crypto treasuries are treated in mainstream financial benchmarks. Under the draft policy, companies whose balance sheets are predominantly crypto, including the largest $BTC and $ETH treasury firms, may be excluded from MSCI's key equity indexes, forcing passive investment funds that track those benchmarks to sell their positions. Industry estimates indicate $10–$15 billion in liquidation pressure across roughly 39 affected companies if the change goes ahead.
What You Should Know
MSCI's proposed rule could force up to $15 billion in selling by crypto treasury firms if those companies are excluded from major equity indexes. This applies to firms whose balance sheets are dominated by crypto assets.The consultation targets so-called "digital asset treasury" companies, including major public holders such as Strategy (formerly MicroStrategy), Riot Platforms, Marathon Digital, and others, whose crypto holdings account for most of their enterprise value.Index exclusion matters because passive funds track these benchmarks; if a company is removed, funds must sell their shares, resulting in forced liquidations and secondary selling pressure on correlated crypto positions. JPMorgan estimates that MicroStrategy alone could see approximately $2.8 billion in outflows.The total forced sell-off could reach between $10 billion and $15 billion, according to projections from BitcoinForCorporations and other market sources tracking the preliminary list of affected firms.MSCI is expected to announce its decision by January 15, 2026, with changes likely implemented in the February index review, a key calendar event for passive ETF and index fund allocations.
Why Does This Matter?
Index inclusion isn't just a technical detail; it determines whether a stock is included in passive funds, ETFs, and institutional baskets worth billions. Removal from the MSCI benchmark would trigger automatic selling by funds that must rebalance, creating a waterfall of forced selling in both equities and correlated crypto markets. MicroStrategy alone could see nearly $3 billion in forced outflows, amplifying market stress amid already weak price action.
January 15, 2026, is now a must-watch date. A verdict that might not just reshape crypto-treasury equities, but also ripple through Bitcoin and broader crypto prices as forced capital shifts into cash.
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