The financial landscape for cryptocurrency treasury companies may face a significant shift as MSCI considers removing firms with substantial crypto holdings from its indexes. This potential policy change could trigger a selloff of $10 to $15 billion in digital assets, impacting 39 companies with a combined market capitalization of $113 billion.
Among those affected, Strategy, the company led by Michael Saylor, stands to suffer the largest financial outflow, which analysts estimate could reach as high as $2.8 billion. This figure represents a staggering 74.5% of the overall market cap of the companies facing exclusion from MSCI indexes.
The proposed adjustments, which MSCI first introduced in October, aim to exclude companies that predominantly hold crypto assets from their benchmark indexes. These indexes guide passive investment funds on which companies to include in their portfolios, amplifying the potential market impact.
The BitcoinForCorporations group, which opposes the MSCI proposal, has conducted an analysis of the potential fallout. Their findings indicate that the forced sale of assets could reach between $10 billion and $15 billion if the exclusion moves forward. The group argues that using balance sheet composition as a criterion for index inclusion is flawed. They contend that this measure does not accurately reflect the operational viability or the legitimacy of a business.
As of now, the petition against MSCI”s proposal has garnered 1,268 signatures, indicating a growing pushback from industry stakeholders. The group demands that MSCI reassess the criteria used for classification, advocating for a focus on actual business operations and performance metrics rather than merely asset composition.
Several industry players, including Nasdaq-listed Strive and Strategy, have publicly criticized the proposed policy change. They argue that it introduces bias against cryptocurrency assets, hindering companies that choose to hold significant amounts of Bitcoin and other digital currencies.
MSCI is expected to announce its final decision on January 15, 2026, with the proposed changes set to be implemented during the February 2026 Index Review. Companies and investors have until the January deadline to voice their opinions on the matter, highlighting the urgency of the situation as market sentiment remains cautious.
This potential shift in MSCI”s index policy comes at a time when the cryptocurrency markets have already experienced a downturn, persisting for nearly three months. Should the proposed changes take effect, the resulting selling pressure could exacerbate existing market challenges.
