Michael Saylor’s Strategy and other bitcoin-buying corporates could soon face exclusion from major equity indexes, starting with MSCI.
MSCI has proposed removing companies whose digital assets exceed 50% of total assets, arguing they resemble investment funds rather than operating businesses. A final decision is due January 15.
Why this matters:
- 📉 Analysts estimate $2.8–$8.8 billion of potential forced outflows for Strategy if exclusions spread across MSCI, Nasdaq, Russell, and CRSP
- 🏦 Passive funds can hold up to 30% of free float, making index eligibility critical
- 💸 Higher cost of capital for digital-asset treasury (DAT) companies that rely on equity issuance
Supporters say DAT firms are innovating corporate treasury strategy. Index providers counter that asset concentration, leverage, and volatility blur the line between corporates and investment vehicles.
With 200+ DAT companies (~$150B market cap) now in play, this debate goes far beyond crypto — it’s about how equity indexes define “operating companies” in a digital-asset era.
The outcome could reshape:
- Passive capital flows
- Valuation frameworks
- The sustainability of bitcoin-as-treasury strategies
This is not just a crypto issue.
It’s a capital markets governance reset.