Global index provider MSCI is considering a major policy shift that could exclude companies with exceptionally high cryptocurrency holdings from its flagship equity benchmarks, a move that may put up to ~$9 billion in passive investment flows on the line for firms such as Strategy Inc. (formerly MicroStrategy) and other so-called digital asset treasury companies.
What’s Happening: MSCI Weighs Exclusions
MSCI, one of the world’s most widely followed index publishers, is consulting on a proposal to remove publicly traded companies whose digital assets exceed 50 % of total assets from its global investable indexes, including the MSCI USA and MSCI World. If implemented, the measure could force automatic selling by index-tracking funds, squeezing liquidity and valuation for affected companies.
Under MSCI’s draft methodology, companies heavily dominated by cryptocurrency holdings are seen as resembling investment funds rather than traditional operating businesses, triggering index ineligibility by design. The consultation period runs through January 15, 2026, with implementation likely in the following index reconstitution cycle.
Who Could Be Affected
Strategy Inc. — the corporate Bitcoin juggernaut led by Michael Saylor — stands at the center of this controversy. The firm holds a large portion of its assets in Bitcoin, which would place it above MSCI’s proposed 50 % threshold if the policy is finalized. Analysts estimate that Strategy alone could see roughly.
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